pmc funds the federal reserve’s move in december to raise short-term interest rates once again....

PMC Funds

PMC Core Fixed Income Fund (PMFIX)PMC Diversified Equity Fund (PMDEX)

Semi-Annual ReportFebruary 28, 2018

Table of Contents

LETTER TO SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

EXPENSE EXAMPLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

INVESTMENT HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

SCHEDULE OF INVESTMENTS—PMC CORE FIXED INCOME FUND . . . . . . . . . . . . . . . . . . . . . . 11

SCHEDULE OF OPEN FUTURES CONTRACTS—PMC CORE FIXED INCOME FUND . . . . . . . . . 33

SCHEDULE OF INVESTMENTS—PMC DIVERSIFIED EQUITY FUND . . . . . . . . . . . . . . . . . . . . . . . 34

STATEMENTS OF ASSETS AND LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

STATEMENTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

STATEMENTS OF CHANGES IN NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

NOTICE OF PRIVACY POLICY & PRACTICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

PMC FundsLetter to Shareholders

To our Shareholders:

We are pleased to present you with the Semi-Annual Report for the PMC Funds mutual fund family. This reportcovers the six-month period ended February 28, 2018 as well as the period since the inception of the PMC Funds.The table below presents the performance of the two PMC Funds relative to their respective benchmarks.

The six-month period ended February 28, 2018 was marked by continued improvement in global economicconditions, and steadily rising stock prices and bond yields. The economic backdrop was positive, helped in partby Congress’ passage of a tax reform bill in December, as well as the Trump administration’s determination tolower the regulatory burdens on businesses. Among other things, the tax bill lowered the corporate tax rate,making it more competitive globally, which incentivized businesses to add to their payrolls and make capitalexpenditures. During this period, equity markets generated solid gains, though volatility has begun to creep in afterseveral quarters of having no siginifcant pullbacks or corrections. In addition, fixed income markets continue todigest the Federal Reserve’s move in December to raise short-term interest rates once again. The employmentsituation remained robust, with the February employment report showing a better-than-expected gain of 313,000jobs during the month. The average monthly gain over the six months was 204,000, in line with economistsexpectations. In addition, the unemployment rate remained at 4.1%, its cycle low.

The overall U.S. economy produced solid results over the past six months, as real gross domestic product (GDP)trended higher during the latter half of 2017. Real GDP grew at an annualized rate of 2.5% in the fourth quarter of2017, which followed the previous two quarters’ growth of 3.2% and 3.1%, respectively. Housing continues toimprove steadily, as median prices rise. With the acceleration in economic growth, inflation has ticked upmodestly, but is not currently a significant concern to policymakers.

Economic conditions outside of the U.S. also continue to improve, with global growth now more synchronized. InEurope, growth has accelerated, powered by an extremely accommodative monetary policy, a firming laborsituation, and increased domestic demand which has boosted trade. Real GDP growth in Europe for 2017 was thefastest experienced in a decade. Growth in Asia has been following a similar path, with China’s 2017 GDP growthrate of 6.9% marking the first yearly improvement since 2010. However, China’s economy faces almost certaindeceleration going forward as policymakers take steps toward deleveraging the economy. Similarly, Japan hasexhibited a pickup in growth in recent quarters, and economists expect the trend to continue into 2018.

From the standpoint of domestic monetary policy, the U.S. Federal Open Market Committee (FOMC) resumed itsinterest rate normalization policy, voting to raise the federal funds target rate range to 1.25%-1.50% at itsDecember 2017 meeting, the fourth increase of the year. With the economy beginning to ramp up, the FOMC willpay increasing attention to measures of inflation, and will likely become more hawkish if signs of significant priceincreases materialize.

Yields on fixed income securities have been rising in step with the improvement in the economy and pickup ininflation. The 10-year U.S. Treasury yield rose steadily over the past six months, trading as high as 2.94%. Theyield on the benchmark security ended February 28, 2018 at 2.87%.

On balance, equity market performance was positive over the past six months, but volatility finally reared its headin February. For much of 2017, stock prices marched higher with very minor pullbacks and no corrections.Investors have been optimistic about the economic policies of the Trump administration, and were particularlyheartened with the passage of the tax reform bill in December. However, investors became nervous oncePresident Trump began to float the idea of tariffs, prompting them to book some gains, bringing about volatility anda long overdue correction. With this environment as a backdrop, the MSCI World Index (global all-capitalization)posted a total return of +8.86% for the six months ended February 28, 2018. In the fixed income asset class, bondprices were negatively impacted with the dual forces of an improving economic outlook and an FOMC thatcontinues to normalize interest rates. As such, the Bloomberg Barclays U.S. Aggregate Bond Index, a broad-based index of fixed-income securities, delivered a negative total return of -2.18% over the six months endedFebruary 28, 2018.

3

Total Returns as of February 28, 2018

FundThree

MonthsSix

MonthsOneYear

FiveYear

SinceInception1

InceptionDate

NetExpenseRatio2,3

GrossExpense

Ratio

PMC Diversified Equity Fund . . . . . . . . 1.64% 9.26% 16.51% 10.02% 10.76% 8-26-09 1.35% 1.41%MSCI World Index Net Return . . . . . . . 2.28% 8.86% 17.36% 10.70% 10.36%

PMC Core Fixed Income Fund . . . . . . . -1.37% -1.78% 0.59% 1.25% 4.53% 9-28-07 1.00% 1.36%Bloomberg Barclays U.S. Aggregate

Bond Index . . . . . . . . . . . . . . . . . . . . . -1.64% -2.18% 0.51% 1.71% 3.93%

1 Annualized (Note: returns less than one year are not annualized).2 Excluding acquired fund fees and expenses of 0.02%.3 Performance results reflect contractual expense subsidies and waivers in effect until December 29, 2018; without these

waivers, returns would have been less favorable.

Past performance is no guarantee of future returns. Current performance may be higher or lower than theperformance data shown. Investment return and principal value will fluctuate so that an investor’s shares, whenredeemed, may be worth more or less than original cost. For the most recent month-end performance, please visitthe Funds’ website at http://www.investpmc.com/solutions/portfolios or by calling 888-762-7338.

PMC Diversified Equity Fund

The PMC Diversified Equity Fund was launched on August 26, 2009, and provides broad equity asset classexposure. The Fund’s investment objective is long-term capital appreciation, and is sub-advised by fourinstitutional investment managers: Mellon Capital Management Corporation (Large Cap Growth); Boston PartnersGlobal Investors, Inc. (Large Cap Value); Delaware Investments Fund Advisers (Small Cap Core); and EpochInvestment Partners, Inc. (International ADR). In the six months ended February 28, 2018, the Fund generated areturn of +9.26%, outpacing the performance of the benchmark MSCI World Index Net Return, which posted areturn of +8.86%.

PMC Core Fixed Income Fund

The PMC Core Fixed Income Fund was launched on September 28, 2007, and provides broad exposure to theU.S. fixed income market. The Fund’s investment objective is to provide current income consistent with lowvolatility of principal, and is sub-advised by two institutional investment managers: Neuberger Berman InvestmentAdvisers, LLC and Schroder Investment Management North America, Inc. In the six months ended February 28,2018, the Fund generated a return of -1.78%, leading the performance of the Bloomberg Barclays U.S. AggregateBond Index return of -2.18%. The sub-advisers have been adept at anticipating the general rise in yields andreduction in credit spreads. We believe that the sub-advisers’ portfolios remain well-positioned as the environmentof interest rate normalization continues.

Remarks

As always, we appreciate your continued trust and confidence in the PMC Funds. We will continue todo all we can to ensure that such trust and confidence are well placed and will manage the PMC Fundswith that goal clearly in mind.

Brandon R. ThomasCo-Founder and Chief Investment OfficerEnvestnet | PMC

4

Envestnet Asset Management

The views in this report were those of the Investment Adviser and the Investment Sub-Advisers as of the date ofthis report, and may not reflect their views on the date the report is first published or anytime thereafter. Theseviews are intended to assist the shareholders of the Funds in understanding their investments in the Funds and donot constitute investment advice.

Investments in smaller companies carry greater risk than is customarily associated with larger companies forvarious reasons such as volatility of earnings and prospects, higher failure rates, and limited markets, product linesor financial resources. Investing overseas involves special risks, including the volatility of currency exchange ratesand, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets.Income (bond) funds are subject to interest rate risk which is the risk that debt securities in a fund’s portfolio willdecline in value because of increases in market interest rates. Please see the prospectus for a completedescription of the risks associated with investing in the PMC Funds.

5

PMC FUNDSExpense Examples(Unaudited)

As a shareholder of the PMC Core Fixed Income Fund or the PMC Diversified Equity Fund (each a “Fund”,and together the “Funds”), you incur two types of costs: (1) transaction costs, and (2) ongoing costs, includingmanagement fees, distribution (12b-1) fees and other fund expenses. This Example is intended to help youunderstand your ongoing costs (in dollars) of investing in the Funds, and to compare these costs with theongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 investedat the beginning of the period and held for the entire period (9/1/17–2/28/18).

Actual Expenses

The first lines of the following table provide information about actual account values and actual expenses.Although the Funds do not charge a sales load, you will be assessed fees for outgoing wire transfers, returnedchecks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’transfer agent. Individual Retirement Accounts (“IRA”) will be charged a $15.00 annual maintenance fee. Tothe extent the Funds invest in shares of exchange-traded funds or other investment companies as part of theirinvestment strategy, you will indirectly bear your proportionate share of any fees and expenses charged bythe underlying funds in which the Funds invest in addition to the direct expenses of the Funds. Actualexpenses of the underlying funds are expected to vary among the various underlying funds. These expensesare not included in the Example. The Example includes, but is not limited to, management fees, distribution(12b-1) fees, fund administration and accounting, custody and transfer agent fees. You may use theinformation in this line, together with the amount you invested, to estimate the expenses that you paid over theperiod. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by$1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “ExpensesPaid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second lines of the table provide information about hypothetical account values and hypotheticalexpenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year beforeexpenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not beused to estimate the actual ending account balance or expenses you paid for the period. You may use thisinformation to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of otherfunds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only anddo not reflect any transactional costs, such as sales charges (loads), or exchange fees. Therefore, the secondlines of the table are useful in comparing ongoing costs only, and will not help you determine the relative totalcosts of owning different funds. In addition, if these transactional costs were included, your costs would havebeen higher.

BeginningAccount Value

9/1/17

EndingAccount Value

2/28/18

Expenses PaidDuring Period9/1/17–2/28/18*

PMC Core Fixed Income FundActual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $ 982.20 $4.91Hypothetical (5% return before expenses) . . . . . . . . . . . . . . . . . . . . 1,000.00 1,019.84 5.01

PMC Diversified Equity FundActual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000.00 1,092.60 7.00Hypothetical (5% return before expenses) . . . . . . . . . . . . . . . . . . . . 1,000.00 1,018.10 6.76

* Expenses are equal to the annualized expense ratio of 1.00% and 1.35% for the PMC Core Fixed Income Fund and PMCDiversified Equity Fund, respectively, multiplied by the average account value over the period, multiplied by 181/365 toreflect the one-half year period.

6

PMC CORE FIXED INCOME FUND (PMFIX)Investment Highlights (Unaudited)

The investment objective of the Fund is to provide current income consistent with low volatility of principal. TheFund’s allocation of portfolio holdings as of February 28, 2018 is shown below.

Allocation of Portfolio Holdings% of Net assets

0.00%

5.00%

10.00%

15.00%

20.00%

35.00%

30.00%

25.00%

U.S. G

over

nmen

t Note

s/Bon

ds 25

.65%

Corpo

rate

Bon

ds 2

2.45

%

Mor

tgag

e Bac

ked

Secur

ities 2

5.78

%

Asset

Bac

ked

Secur

ities 1

2.32

%

Foreig

n Cor

pora

te B

onds

8.1

7%M

oney

Mar

ket F

unds

1.4

7%^

Foreig

n Gov

ernm

ent A

genc

y Iss

ues 0

.86%

Mun

icipa

l Bon

ds 0

.30%

Excha

nge-

Trade

d Fun

ds 1

.12%

U.S. G

over

nmen

t Age

ncy I

ssue

s 0.3

0%

Foreig

n Gov

ernm

ent N

otes

/Bon

ds 5

.21%

Futur

es C

ontra

cts 0

.01%

*^ Excludes securities lending collateral.* Valued at the net unrealized appreciation (depreciation).

Average Annual Returns as of February 28, 2018

PMC CoreFixed Income

Fund

BloombergBarclays U.S.

Aggregate BondIndex

One Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.59% 0.51%Five Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25% 1.71%Ten Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.13% 3.60%Since Inception (9/28/07) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.53% 3.93%

Performance data quoted represents past performance and does not guarantee future results. The investmentreturn and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may beworth more or less than their original cost. Current performance of the Fund may be lower or higher than theperformance quoted. Performance data current to the most recent month end may be obtained by calling the Fund(toll free) at (866) PMC-7338.

Continued

7

PMC CORE FIXED INCOME FUND (PMFIX)Investment Highlights (Unaudited) (Continued)

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investmentshould not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would bereduced.

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performanceof a hypothetical investment made in the Fund and a broad-based securities index on February 29, 2008. Thegraph does not reflect any future performance.

The Bloomberg Barclays U.S. Aggregate Bond Index is an index composed of U.S. securities in Treasury,Government-Related, Corporate and Securitized Sectors. It includes securities that are of investment-grade qualityor better, have at least one year to maturity and have an outstanding par value of at least $250 million.

One cannot invest directly in an index.

Growth of $10,000 Investment

$14,987$14,242

$9,000

$10,000

$11,000

$16,000

$15,000

$14,000

$13,000

$12,000

2/08 2/09 2/10 2/11 2/12 2/13 2/182/172/162/14 2/15

PMC Core Fixed Income FundBloomberg Barclays U.S. Aggregate Bond Index

8

PMC DIVERSIFIED EQUITY FUND (PMDEX)Investment Highlights (Unaudited)

The investment objective of the Fund is long-term capital appreciation. The Fund’s allocation of portfolio holdingsas of February 28, 2018 is shown below.

Allocation of Portfolio Holdings% of Investments

Common Stocks 95.94%

Money Market Funds^ 1.55%

Real Estate Investment Trusts 1.77%

Exchange-Traded Funds 0.50%

Preferred Stocks 0.24%

^ Excludes securities lending collateral.

Average Annual Returns as of February 28, 2018

PMC DiversifiedEquity Fund

MSCIWorld IndexNet Return

One Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.51% 17.36%Five Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.02% 10.70%Since Inception (8/26/09) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.76% 10.36%

Performance data quoted represents past performance and does not guarantee future results. The investmentreturn and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may beworth more or less than their original cost. Current performance of the Fund may be lower or higher than theperformance quoted. Performance data current to the most recent month end may be obtained by calling the Fund(toll free) at (866) PMC-7338.

Continued

9

PMC DIVERSIFIED EQUITY FUND (PMDEX)Investment Highlights (Unaudited) (Continued)

Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investmentshould not be made based solely on historical returns.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would bereduced.

The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or the redemption of Fund shares. The graph illustrates performanceof a hypothetical investment made in the Fund and a broad-based securities index on August 26, 2009, theinception date of the Fund. The graph does not reflect any future performance.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measurethe equity market performance of developed markets. Net return indices reinvest dividends after the deduction oftaxes, using a tax rate applicable to non-resident investors who do not benefit from table taxation treaties. TheMSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium,Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, NewZealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

One cannot invest directly in an index.

Growth of $10,000 Investment

$23,866$23,142

8/26/2009* 2/12 2/13 2/15 2/182/172/162/142/112/10

9,00010,00011,00012,00013,00014,00015,00016,00017,00018,00019,000

25,00024,00023,00022,00021,00020,000

PMC Diversified Equity FundMSCI THE WORLD INDEX Net (USD)

* Inception Date

10

PMC CORE FIXED INCOME FUND Schedule of InvestmentsFebruary 28, 2018 (Unaudited)

PrincipalAmount Value

Asset-Backed Securities—12.32%Accredited Mortgage Loan Trust

2005-3, 2.040% (1 Month LIBOR USD + 0.480%), 09/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 188,000 $ 181,023Aegis Asset Backed Securities Trust

2005-3, 2.101% (1 Month LIBOR USD + 0.480%), 08/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 330,000 326,436Ally Auto Receivables Trust

2017-3, 1.530%, 03/16/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,963 300,136AmeriCredit Automobile Receivables Trust

2013-5, 2.290%, 11/08/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,981 42,989Ameriquest Mortgage Securities, Inc.

2003-10, 2.381% (1 Month LIBOR USD + 0.760%), 12/25/2033(c) . . . . . . . . . . . . . . . . . . . . . . . . . 108,930 108,5902004-R2, 2.311% (1 Month LIBOR USD + 0.690%), 04/25/2034(c) . . . . . . . . . . . . . . . . . . . . . . . . 83,891 84,3632005-R7, 2.121% (1 Month LIBOR USD + 0.500%), 09/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . . 150,000 150,931

Argent Securities, Inc.2005-W2, 2.111% (1 Month LIBOR USD + 0.490%), 10/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . . 420,000 420,146

Asset Backed Funding Certificates2004-OPT3, 2.401% (1 Month LIBOR USD + 0.780%), 11/25/2033(c) . . . . . . . . . . . . . . . . . . . . . . 384,227 381,723

BA Credit Card Trust2015-2A, 1.360%, 09/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392,000 391,655

CAL Funding III Ltd.2017-1A, 3.620%, 06/25/2042(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908,133 901,840

Capital One Multi-Asset Execution Trust2014-4A, 1.948% (1 Month LIBOR USD + 0.360%), 06/15/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,560,000 2,567,573

CarFinance Capital Auto Trust2015-1A, 1.750%, 06/15/2021(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,447 16,418

Carlyle Global Market Strategies2017-1A, 3.045% (3 Month LIBOR USD + 1.300%), 04/20/2031(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,375,000 1,384,281

Carrington Mortgage Loan Trust2005-OPT2, 2.596% (1 Month LIBOR USD + 0.980%), 05/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . 100,000 101,1642005-NC3, 2.081% (1 Month LIBOR USD + 0.460%), 06/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . 154,040 155,0602005-NC5, 2.101% (1 Month LIBOR USD + 0.480%), 10/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . 280,000 280,0572006-NC1, 1.931% (1 Month LIBOR USD + 0.310%), 01/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . . 380,000 376,3502006-RFC1, 1.771% (1 Month LIBOR USD + 0.150%), 05/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . 46,057 46,104

Cedar Funding VI CLO Ltd.2016-6A, 2.833% (3 Month LIBOR USD + 1.470%), 10/20/2028(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,480,000 1,490,168

Centex Home Equity Loan Trust2005-D M3, 2.101% (1 Month LIBOR USD + 0.480%), 10/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . 435,000 436,8962005-D M4, 2.231% (1 Month LIBOR USD + 0.610%), 10/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . 390,000 389,933

Chase Issuance Trust2015-5A, 1.360%, 04/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 179,8392016-2A, 1.370%, 06/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,450,000 1,428,518

Citibank Credit Card Issuance Trust2016-A1, 1.750%, 11/19/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,470,000 2,438,1392018-A1, 2.490%, 01/20/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,790,000 1,777,560

Citigroup Mortgage Loan Trust, Inc.2005-HE2, 2.371% (1 Month LIBOR USD + 0.750%), 05/25/2035(a)(b) . . . . . . . . . . . . . . . . . . . . . . 1,357 1,3602006-WFHE4, 1.901% (1 Month LIBOR USD + 0.280%), 11/25/2036(c) . . . . . . . . . . . . . . . . . . . . 227,000 224,542

CLI Funding LLC2013-1A, 2.830%, 03/18/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,467 96,5342013-2A, 3.220%, 06/18/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,200 61,366

CWABS, Inc.2004-5, 2.121% (1 Month LIBOR USD + 0.500%), 10/25/2034(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 406,268 400,8472005-AB1, 2.251% (1 Month LIBOR USD + 0.630%), 08/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . 572,448 572,353

The accompanying notes are an integral part of these financial statements.

11

PMC CORE FIXED INCOME FUND Schedule of InvestmentsFebruary 28, 2018 (Unaudited) (Continued)


Dewolf Park Clo Ltd.2017-1A, 2.932% (3 Month LIBOR USD + 1.210%), 10/15/2030(a)(b) . . . . . . . . . . . . . . . . . . . . . . . $ 1,700,000 $ 1,716,850

Discover Card Execution Note Trust2013-A6, 2.038% (1 Month LIBOR USD + 0.450%), 04/15/2021(a) . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,002,494

ECAF I Ltd.2015-1A, 3.473%, 06/15/2040(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376,756 374,497

EquiFirst Mortgage Loan Trust2003-2, 2.713% (1 Month LIBOR USD + 1.130%), 09/25/2033(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 366,204 366,934

Fieldstone Mortgage Investment Trust2005-1, 2.746% (1 Month LIBOR USD + 1.130%), 03/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 132,482 130,401

First Franklin Mortgage Loan Trust2005-FF1, 2.356% (1 Month LIBOR USD + 0.740%), 12/25/2034(c) . . . . . . . . . . . . . . . . . . . . . . . . 71,297 72,4902004-FFH4, 3.196% (1 Month LIBOR USD + 1.580%), 01/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . 73,194 73,931

Flagship Credit Auto Trust2014-1, 2.550%, 02/18/2020(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,277 1,2782015-2, 1.980%, 10/15/2020(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,590 84,525

Fremont Home Loan Trust2005-2, 2.371% (1 Month LIBOR USD + 0.750%), 06/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 330,000 331,339

Goldentree Loan Management US Clo 2 Ltd.2017-2A, 2.724% (3 Month LIBOR USD + 1.150%), 11/28/2030(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,525,000 1,537,080

GSAA Home Equity Trust2005-5, 3.346% (1 Month LIBOR USD + 1.730%), 02/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 420,000 399,543

GSAMP Trust2002-HE2, 6.094% (1 Month LIBOR USD + 4.500%), 10/20/2032(c) . . . . . . . . . . . . . . . . . . . . . . . 221,825 223,567

Home Equity Mortgage Loan Asset-Backed Trust2005-D, 1.971% (1 Month LIBOR USD + 0.350%), 03/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 110,820 110,780

Home Equity Mortgage Trust2004-5, 3.221% (1 Month LIBOR USD + 1.600%), 02/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 40,859 40,874

JP Morgan Mortgage Acquisition Trust2007-CH1, 1.901% (1 Month LIBOR USD + 0.280%), 11/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . . 310,000 307,705

Madison Park Funding XVIII Ltd.2015-18, 2.935% (3 Month LIBOR USD + 1.190%), 10/21/2030(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,018,308

Madison Park Funding XXVI Ltd.2017-26, 2.960% (3 Month LIBOR USD + 1.200%), 07/29/2030(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,355,000 1,364,463

Morgan Stanley ABS Capital I, Inc. Trust2003-HE1, 2.821% (1 Month LIBOR USD + 1.200%), 05/25/2033(c) . . . . . . . . . . . . . . . . . . . . . . . 202,650 201,4762004-NC8, 2.536% (1 Month LIBOR USD + 0.920%), 09/25/2034(c) . . . . . . . . . . . . . . . . . . . . . . . 592,212 598,6222005-HE3, 2.596% (1 Month LIBOR USD + 0.980%), 07/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . 392,010 396,395

Morgan Stanley Home Equity Loan Trust2005-1, 2.671% (1 Month LIBOR USD + 1.050%), 12/25/2034(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 298,773

Navient Student Loan Trust2016-6A, 2.101% (1 Month LIBOR USD + 0.480%), 03/25/2066(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 190,644 191,1402017-3A, 1.921% (1 Month LIBOR USD + 0.300%), 07/26/2066(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 334,599 334,8262017-1A, 2.021% (1 Month LIBOR USD + 0.400%), 07/26/2066(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 185,088 185,265

Newcastle Mortgage Securities Trust2006-1, 1.901% (1 Month LIBOR USD + 0.280%), 03/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,671 4,682

Octagon Investment Partners 30 Ltd.2017-1A, 3.065% (3 Month LIBOR USD + 1.320%), 03/17/2030(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 550,000 559,430

OneMain Financial Issuance Trust2015-2A, 2.570%, 07/18/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,608 58,6472015-1A, 3.190%, 03/18/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,423 225,539

Popular ABS Mortgage Pass-Through Trust2005-2, 1.881% (1 Month LIBOR USD + 0.260%), 04/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 175,996 174,568


12



RAMP Trust2005-RZ2, 2.181% (1 Month LIBOR USD + 0.560%), 05/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . $ 330,000 $ 330,497

RASC Trust2005-EMX2, 2.271% (1 Month LIBOR USD + 0.650%), 07/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . 177,357 179,5982005-KS12, 2.081% (1 Month LIBOR USD + 0.460%), 01/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . 390,000 389,195

Santander Drive Auto Receivables Trust2014-2, 2.330%, 11/15/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,462 39,4782014-3, 2.130%, 08/17/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,423 27,426

Soundview Home Loan Trust2005-OPT3, 2.091% (1 Month LIBOR USD + 0.470%), 11/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . 405,000 400,7412006-1, 1.921% (1 Month LIBOR USD + 0.300%), 02/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 225,119 225,7232005-4, 2.091% (1 Month LIBOR USD + 0.470%), 03/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 495,000 491,261

Springleaf Funding Trust2015-AA, 3.160%, 11/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,671 213,005

Structured Asset Investment Loan Trust2004-6, 2.421% (1 Month LIBOR USD + 0.800%), 07/25/2034(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 178,851 178,9932004-8, 2.171% (1 Month LIBOR USD + 0.550%), 09/25/2034(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 216,516 212,182

Structured Asset Securities Corp.2005-WF1, 2.281% (1 Month LIBOR USD + 0.660%), 02/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . 711,616 712,4602005-NC1, 2.141% (1 Month LIBOR USD + 0.520%), 02/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . 440,000 442,615

Structured Asset Securities Corp. Mortgage Loan Trust2005-NC2, 2.051% (1 Month LIBOR USD + 0.430%), 05/25/2035(c) . . . . . . . . . . . . . . . . . . . . . . . 69,415 69,7042006-AM1, 1.781% (1 Month LIBOR USD + 0.160%), 04/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . . 60,020 59,947

TAL Advantage V LLC2014-2A, 3.330%, 05/20/2039(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,060 128,406

Textainer Marine Containers V Ltd.2017-1A, 3.720%, 05/20/2042(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,287 165,9802017-2A, 3.520%, 06/20/2042(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 546,694 540,479

Towd Point Mortgage Trust2015-6, 3.500%, 04/25/2055(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,909 83,6482016-2, 2.750%, 08/25/2055(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,103 78,2442016-3, 2.250%, 04/25/2056(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,546 70,6372017-5, 2.221% (1 Month LIBOR USD + 0.600%), 02/25/2057(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 1,550,065 1,559,5272017-2, 2.750%, 04/25/2057(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432,931 429,4852017-4, 2.750%, 06/25/2057(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430,609 425,7212017-3, 2.750%, 07/25/2057(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 848,145 840,966

Toyota Auto Receivables Owner Trust2017-B, 1.460%, 01/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 504,634 502,938

UAL Pass Through Trust2007-1, 6.636%, 07/02/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,698 224,572

Verizon Owner Trust2016-2A, 1.680%, 05/20/2021(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510,000 504,248

Voya CLO Ltd.2014-2A, 2.981% (3 Month LIBOR USD + 1.250%), 04/17/2030(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,380,000 1,387,703

Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates2004-1, 1.921% (1 Month LIBOR USD + 0.300%), 04/25/2034(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 246,220 242,897

Wind River CLO Ltd.2017-2A, 2.975% (3 Month LIBOR USD + 1.230%), 07/20/2030(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,440,000 1,448,688

Total Asset-Backed Securities (Cost $42,842,592) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,708,280

Corporate Bonds—22.45%Accommodation—0.03%Wynn Las Vegas LLC

5.250%, 05/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,000 115,099


13



Administrative and Support Services—0.13%Scientific Games International, Inc.

7.000%, 01/01/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 201,000 $ 211,5535.000%, 10/15/2025(b)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,000 242,856

454,409

Beverage and Tobacco Product Manufacturing—0.09%Anheuser-Busch InBev Finance, Inc.

4.700%, 02/01/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 316,203

Broadcasting (except Internet)—0.58%Discovery Communications LLC

2.950%, 03/20/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,220,000 1,180,5875.000%, 09/20/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,000 445,6405.200%, 09/20/2047(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000 349,227

Sirius XM Radio, Inc.5.375%, 07/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,000 66,990

2,042,444

Capital Goods—0.62%General Electric Co.

5.000% to 01/21/2021, then 3 Month LIBOR USD + 3.330%(a)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,229,000 2,203,924

Chemical Manufacturing—0.46%Abbott Laboratories

4.900%, 11/30/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485,000 523,613AbbVie, Inc.

3.200%, 11/06/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000 44,6984.700%, 05/14/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510,000 528,245

Church & Dwight Co., Inc.2.450%, 08/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 485,037

Dow Chemical Co.4.625%, 10/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000 41,258

1,622,851

Clothing and Clothing Accessories Stores—0.14%L Brands, Inc.

5.250%, 02/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,000 303,5816.875%, 11/01/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 199,500

503,081

Computer and Electronic Product Manufacturing—1.38%Apple, Inc.

3.000%, 06/20/2027(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000 1,150,4304.650%, 02/23/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520,000 568,552

Broadcom Corp./Broadcom Cayman Finance Ltd.3.875%, 01/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980,000 941,3823.500%, 01/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000 157,264

Dell International LLC5.450%, 06/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,190,000 1,255,0496.020%, 06/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,000 513,294

QUALCOMM, Inc.2.600%, 01/30/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,000 305,164

4,891,135


14



Credit Intermediation and Related Activities—4.06%Bank of America Corp.

2.815%, 03/05/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,316,000 $ 1,316,0004.200%, 08/26/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465,000 474,6083.950%, 04/21/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585,000 584,6163.500%, 04/19/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 394,3233.705% to 04/24/2027, then 3 Month LIBOR USD + 1.512%, 04/24/2028(a) . . . . . . . . . . . . . . . . . 1,340,000 1,320,6923.419% to 12/20/2027, then 3 Month LIBOR USD + 1.040%, 12/20/2028(a)(b)(g) . . . . . . . . . . . . . . 1,426,000 1,367,618

Capital One Financial Corp.2.500%, 05/12/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,000 242,211

Capital One NA2.917% (3 Month LIBOR USD + 1.150%), 01/30/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 506,945

Citigroup, Inc.2.700%, 03/30/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 775,000 766,1914.050%, 07/30/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000 66,5544.400%, 06/10/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,395,000 1,429,5423.200%, 10/21/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095,000 1,046,740

General Motors Financial Co., Inc.3.700%, 11/24/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525,000 530,8853.200%, 07/06/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 148,9655.750% to 09/30/2027, then 3 Month LIBOR USD + 3.598%(a)(g)(i) . . . . . . . . . . . . . . . . . . . . . . . . . 490,000 498,036

HSBC Bank USA, N.A.4.875%, 08/24/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,000 499,781

JPMorgan Chase & Co.2.700%, 05/18/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,255,000 1,217,4163.882% to 07/24/2037, then 3 Month LIBOR USD + 1.360%, 07/24/2038(a) . . . . . . . . . . . . . . . . . 440,000 425,6633.897% to 01/23/2048, then 3 Month LIBOR USD + 1.220%, 01/23/2049(a) . . . . . . . . . . . . . . . . . 430,000 405,726

Regions Bank2.250%, 09/14/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 249,795

Wells Fargo & Co.2.550%, 12/07/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,000 281,6253.069%, 01/24/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 645,000 636,159

14,410,091

Data Processing, Hosting and Related Services—0.68%Hewlett Packard Enterprise Co.

2.100%, 10/04/2019(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,075,000 1,061,3813.600%, 10/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,000 571,8344.900%, 10/15/2025(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745,000 773,440

2,406,655

Educational Services—0.02%George Washington University

3.485%, 09/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000 75,334

Food and Beverage Stores—0.28%Kroger Co.

2.800%, 08/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 979,110

Food Manufacturing—0.17%Smithfield Foods, Inc.

2.700%, 01/31/2020(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330,000 326,652Tyson Foods, Inc.

3.550%, 06/02/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,000 290,674

617,326


15



Funds, Trusts, and Other Financial Vehicles—0.02%Sabra Health Care LP

5.375%, 06/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 65,000 $ 65,650

General Merchandise Stores—0.01%JC Penney Corp., Inc.

5.650%, 06/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 24,969

Hospitals—0.29%Community Health Systems, Inc.

5.125%, 08/01/2021(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,000 117,793Encompass Health Corp.

5.750%, 09/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420,000 428,400HCA, Inc.

4.750%, 05/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,000 84,660Tenet Healthcare Corp.

4.625%, 07/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 385,500

1,016,353

Insurance Carriers and Related Activities—1.08%American International Group, Inc.

3.300%, 03/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 674,000 675,9173.900%, 04/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 646,000 643,818

Fidelity & Guaranty Life Holdings, Inc.6.375%, 04/01/2021(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,000 167,681

MetLife, Inc.6.400%, 12/15/2036(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,000 653,140

Prudential Financial, Inc.4.500% to 09/15/2027, then 3 Month LIBOR USD + 2.380%, 09/15/2047(a)(g) . . . . . . . . . . . . . . . . 1,705,000 1,676,015

3,816,571

Merchant Wholesalers, Nondurable Goods—0.29%Cardinal Health, Inc.

3.079%, 06/15/2024(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305,000 292,824Sherwin-Williams Co.

3.125%, 06/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750,000 731,790

1,024,614

Nonstore Retailers—0.60%Amazon.com, Inc.

3.150%, 08/22/2027(b)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,035,000 1,965,455Suburban Propane Partners LP

5.750%, 03/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000 156,800

2,122,255

Oil and Gas Extraction—0.89%Enterprise Products Operating LLC

5.375% to 02/15/2028, then 3 Month LIBOR USD + 2.570%, 02/15/2078(a) . . . . . . . . . . . . . . . . . 761,000 738,408EQT Corp.

3.900%, 10/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,015,000 970,711Noble Energy, Inc.

4.150%, 12/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 843,000 865,0736.000%, 03/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000 46,0965.250%, 11/15/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515,000 547,175

3,167,463


16



Pipeline Transportation—1.56%Crestwood Midstream Partners LP

6.250%, 04/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 220,000 $ 227,700Energy Transfer LP

4.150%, 10/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 255,1003.600%, 02/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 592,7126.500%, 02/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,000 371,851

Energy Transfer Partners LP6.625% to 02/15/2028, then 3 Month LIBOR USD + 4.155%(a)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,019,000 1,947,073

MPLX LP4.125%, 03/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510,000 507,0334.500%, 04/15/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 568,000 552,8944.700%, 04/15/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 870,000 846,352

Phillips 66 Partners LP3.605%, 02/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,000 93,401

Williams Partners LP5.400%, 03/04/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,000 155,781

5,549,897

Plastics and Rubber Products Manufacturing—0.37%Newell Brands, Inc.

3.850%, 04/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 737,000 734,5444.200%, 04/01/2026(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 599,000 593,377

1,327,921

Professional, Scientific, and Technical Services—0.09%VMware, Inc.

2.300%, 08/21/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346,000 337,557

Publishing Industries (except Internet)—0.13%Microsoft Corp.

4.500%, 02/06/2057 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435,000 478,939

Real Estate—0.59%American Tower Corp.

2.800%, 06/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670,000 666,593Digital Realty Trust LP

3.950%, 07/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,010,000 1,038,354EPR Properties

5.750%, 08/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380,000 406,629

2,111,576

Rental and Leasing Services—0.83%Ford Motor Credit Co. LLC

2.425%, 06/12/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,000 472,2363.157%, 08/04/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000 349,1843.200%, 01/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710,000 705,8093.336%, 03/18/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,145,000 1,138,813

Synchrony Financial2.700%, 02/03/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,000 283,155

2,949,197

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—2.93%BAT Capital Corp.

2.764%, 08/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790,000 768,1614.540%, 08/15/2047(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825,000 805,622


17



Goldman Sachs Group, Inc.2.600%, 04/23/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 285,000 $ 282,9212.875%, 02/25/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 49,6303.850%, 01/26/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,375,000 1,357,4873.691% to 06/05/2027, then 3 Month LIBOR USD + 1.510%, 06/05/2028(a) . . . . . . . . . . . . . . . . . 590,000 574,7373.814% to 04/23/2028, then 3 Month LIBOR USD + 1.158%, 04/23/2029(a)(g) . . . . . . . . . . . . . . . . 1,075,000 1,050,8924.017% to 10/31/2037, then 3 Month LIBOR USD + 1.373%, 10/31/2038(a)(g) . . . . . . . . . . . . . . . . 470,000 455,0885.150%, 05/22/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455,000 491,933

Morgan Stanley2.750%, 05/19/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 978,6723.750%, 02/25/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,380,000 1,401,8333.772% to 01/24/2028, then 3 Month LIBOR USD + 1.140%, 01/24/2029(a) . . . . . . . . . . . . . . . . . 1,740,000 1,704,8155.450% to 07/15/2019, then 3 Month LIBOR USD + 3.610%(a)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,000 327,600

S&P Global, Inc.3.300%, 08/14/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,000 132,192

10,381,583

Support Activities for Mining—0.17%Hess Corp.

4.300%, 04/01/2027(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,000 431,511Targa Resources Partners LP

6.750%, 03/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 159,750

591,261

Telecommunications—3.05%AT&T, Inc.

3.400%, 05/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,000 331,8184.500%, 05/15/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535,000 518,6325.250%, 03/01/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680,000 703,8324.750%, 05/15/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525,000 499,2985.450%, 03/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 895,000 935,820

Charter Communications Operating LLC4.908%, 07/23/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,305,000 1,343,5536.484%, 10/23/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525,000 593,4195.375%, 05/01/2047(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 198,690

Crown Castle International Corp.3.200%, 09/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825,000 795,3683.800%, 02/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,000 676,180

T-Mobile USA, Inc.6.500%, 01/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000 236,500

Verizon Communications, Inc.2.625%, 02/21/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466,000 465,1752.946%, 03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400,000 1,382,2194.272%, 01/15/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320,000 1,269,9844.125%, 08/15/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330,000 295,1944.672%, 03/15/2055 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 596,000 558,989

10,804,671

Transportation Equipment Manufacturing—0.31%General Motors Co.

2.593% (3 Month LIBOR USD + 0.800%), 08/07/2020(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100,000 1,108,043

Utilities—0.60%Calpine Corp.

5.250%, 06/01/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,000 223,962


18



Dynergy, Inc.7.375%, 11/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,000 $ 31,6887.625%, 11/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000 59,400

Kinder Morgan, Inc.5.000%, 02/15/2021(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670,000 699,5055.550%, 06/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 685,000 723,784

Southern Co.2.950%, 07/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388,000 377,404

2,115,743

Total Corporate Bonds (Cost $80,664,549) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,631,925

Foreign Corporate Bonds—8.17%Allergan Funding SCS

3.450%, 03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,211,000 1,209,423Banco Santander SA

3.800%, 02/23/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585,000 563,343Banque Federative du Credit Mutuel SA

2.700%, 07/20/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,000 1,720,671Barclays Bank PLC

10.180%, 06/12/2021(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,510,000 1,799,976Barclays PLC

4.375%, 01/12/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065,000 1,069,426BBVA Banco Continental SA

3.250%, 04/08/2018(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 119,967BNP Paribas SA

2.375%, 05/21/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 695,000 686,921BPCE SA

2.750%, 01/11/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,365,000 1,324,081Cenovus Energy, Inc.

4.250%, 04/15/2027(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 821,000 803,766Credit Suisse Group AG

2.997% to 12/14/2022, then 3 Month LIBOR USD + 1.200%, 12/14/2023(a)(b) . . . . . . . . . . . . . . . . 1,145,000 1,114,6603.869% to 01/12/2028, then 3 Month LIBOR USD + 1.410%, 01/12/2029(a)(b) . . . . . . . . . . . . . . . . 250,000 243,311

Credit Suisse Group Funding Guernsey Ltd.3.800%, 06/09/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860,000 866,245

Enbridge, Inc.6.000% to 01/15/2027, then 3 Month LIBOR USD + 3.890% to 01/15/2047, then 3 Month

LIBOR USD + 4.640%, 01/15/2077(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,000 451,675Ensco PLC

5.750%, 10/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,000 122,540FLY Leasing Ltd.

6.375%, 10/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 208,500Grupo Bimbo SAB de CV

4.700%, 11/10/2047(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 730,000 701,713HSBC Holdings PLC

2.650%, 01/05/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765,000 745,6076.000% to 05/22/2027, then 5 Year Mid Swap Rate USD + 3.746%(a)(i) . . . . . . . . . . . . . . . . . . . . . 925,000 947,200

Johnson Controls International PLC3.900%, 02/14/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,000 218,101

Lloyds Banking Group PLC3.100%, 07/06/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405,000 402,479

MARB BondCo PLC6.875%, 01/19/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320,000 1,262,580


19



Norddeutsche Landesbank Girozentrale2.000%, 02/05/2019(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 200,000 $ 199,389

Petrobras Global Finance BV7.375%, 01/17/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 810,000 879,6605.625%, 05/20/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,035,000 888,806

Petroleos Mexicanos3.500%, 01/30/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 945,000 912,3976.500%, 03/13/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540,000 577,8656.350%, 02/12/2048(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,063,000 2,021,534

Royal Bank of Scotland Group PLC3.875%, 09/12/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 835,000 831,479

Shire Acquisitions Investments Ireland DAC2.400%, 09/23/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,175,000 1,135,455

SpareBank 1 Boligkreditt AS1.750%, 11/15/2019(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495,000 487,573

Standard Chartered PLC1.700%, 04/17/2018(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240,000 239,868

Suncor Energy, Inc.6.500%, 06/15/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,000 108,077

Telefonica Emisiones SAU4.895%, 03/06/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 695,000 700,491

Teva Pharmaceutical Finance Netherlands III BV3.150%, 10/01/2026(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525,000 429,606

UBS Group Funding Switzerland AG2.859% to 08/15/2022, then 3 Month LIBOR USD + 0.954%, 08/15/2023(a)(b) . . . . . . . . . . . . . . . . 500,000 486,4304.125%, 09/24/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100,000 1,118,595

Vale Overseas Ltd.6.250%, 08/10/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425,000 480,335

Westpac Banking Corp.5.000% to 09/21/2027, then 5 Year Mid Swap Rate USD + 2.888%(a)(i) . . . . . . . . . . . . . . . . . . . . . 940,000 899,706

Total Foreign Corporate Bonds (Cost $29,271,258) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,979,451

Foreign Government Agency Issues—0.86%Kreditanstalt fuer Wiederaufbau

2.375%, 12/29/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050,000 1,028,779Province of Manitoba, Canada

9.625%, 12/01/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 63,148Province of New Brunswick, Canada

2.750%, 06/15/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,940,000 1,943,886

Total Foreign Government Agency Issues (Cost $3,055,044) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,035,813

Foreign Government Notes/Bonds—5.21%Argentine Republic Government International Bond

5.875%, 01/11/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,000 299,6406.875%, 01/11/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 780,000 715,162

Bolivian Government International Bond4.500%, 03/20/2028(b)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 274,412

Brazilian Government International Bond2.625%, 01/05/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,000 342,7206.000%, 04/07/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 318,1304.625%, 01/13/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320,000 1,300,5305.625%, 02/21/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000 212,632


20



Colombia Government International Bond4.000%, 02/26/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 290,000 $ 291,8123.875%, 04/25/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 960,000 936,2403.875%, 04/25/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 146,2875.000%, 06/15/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 149,625

Costa Rica Government International Bond4.250%, 01/26/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,125,000 1,088,438

Dominican Republic International Bond5.875%, 04/18/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 306,7456.875%, 01/29/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000 246,9506.850%, 01/27/2045(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 163,500

Ecuador Government International Bond7.875%, 01/23/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 871,000 871,871

Guatemala Government Bond4.375%, 06/05/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 282,750

Hungary Government International Bond7.625%, 03/29/2041(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 420,869

Indonesia Government International Bond3.700%, 01/08/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620,000 623,8534.350%, 01/08/2027(b)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 152,433

Kazakhstan Government International Bond5.125%, 07/21/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620,000 679,260

Mexican Bonos6.500%, 06/09/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,700,000(f) 546,237

Mexico Government International Bond4.150%, 03/28/2027(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 289,9284.350%, 01/15/2047(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 263,465

Morocco Government International Bond4.250%, 12/11/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 184,8605.500%, 12/11/2042(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 162,937

Namibia International Bonds5.250%, 10/29/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,000 261,072

Oman Government International Bond3.875%, 03/08/2022(b)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 284,4775.375%, 03/08/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 149,0896.500%, 03/08/2047(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 147,375

Panama Government International Bond3.750%, 03/16/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 293,5533.875%, 03/17/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 151,7254.500%, 05/15/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 153,075

Paraguay Government International Bond4.700%, 03/27/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 293,625

Qatar Government International Bond2.375%, 06/02/2021(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 280,7553.250%, 06/02/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 141,8704.625%, 06/02/2046(b)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 148,629

Republic of South Africa Government Bond6.500%, 02/28/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,040,000(j) 1,092,799

Republic of South Africa Government International Bond4.875%, 04/14/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 291,4044.850%, 09/27/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219,000 217,6264.300%, 10/12/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 141,4615.000%, 10/12/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 137,285


21



Romanian Government International Bond6.125%, 01/22/2044(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 220,000 $ 266,301

Saudi Government International Bond2.375%, 10/26/2021(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 279,8593.250%, 10/26/2026(b)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 141,3604.500%, 10/26/2046(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 142,296

Serbia International Bond4.875%, 02/25/2020(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,000 368,902

Trinidad & Tobago Government International Bond4.500%, 08/04/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000 463,500

Turkey Government International Bond6.250%, 09/26/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 309,9016.000%, 03/25/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 297,6715.750%, 05/11/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 135,936

Uruguay Government International Bond4.375%, 10/27/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 299,8825.100%, 06/18/2050(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 301,890

Total Foreign Government Notes/Bonds (Cost $18,762,359) . . . . . . . . . . . . . . . . . . . . . . . . . . 18,464,604

Mortgage-Backed Securities—25.78%Citigroup Commercial Mortgage Trust

2014-GC25, 1.035%, 10/10/2047(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,544,955 84,1652015-GC27, 1.412%, 02/10/2048(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,183,620 87,1962016-GC36, 3.616%, 02/10/2049 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 201,7922017-C4 A-1, 2.121%, 10/12/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372,867 367,0612017-C4 A-4, 3.471%, 10/12/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,000 476,865

Cold Storage Trust2017-ICE3, 3.688% (1 Month LIBOR USD + 2.100%), 04/15/2036(a)(b) . . . . . . . . . . . . . . . . . . . . . 575,000 578,348

COMM Mortgage Trust2013-LC6, 0.369%, 01/10/2046(b)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 35,9222013-CR6, 0.527%, 03/10/2046(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 37,0572014-CR16, 1.166%, 04/10/2047(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,707,440 74,5002014-LC15, 1.317%, 04/10/2047(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,972,001 94,0742014-CR17, 1.121%, 05/10/2047(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,437,211 64,2012014-UBS3, 1.300%, 06/10/2047(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,134,448 57,6122014-UBS6, 1.014%, 12/10/2047(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,903,874 86,0542015-LC21, 3.708%, 07/10/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 101,5592017-COR2, 2.111%, 09/10/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238,102 233,450

CSAIL Commercial Mortgage Trust2016-C7, 3.502%, 11/15/2049 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,000 274,7262015-C2, 0.838%, 06/15/2057(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,682,855 73,151

Fannie Mae Connecticut Avenue Securities2017-C03, 4.621% (1 Month LIBOR USD + 3.000%), 10/25/2029(a) . . . . . . . . . . . . . . . . . . . . . . . 300,000 320,7422017-C04, 4.471% (1 Month LIBOR USD + 2.850%), 11/25/2029(a) . . . . . . . . . . . . . . . . . . . . . . . 364,000 383,1882017-C05, 3.821% (1 Month LIBOR USD + 2.200%), 01/25/2030(a) . . . . . . . . . . . . . . . . . . . . . . . 480,000 489,0352017-C06, 4.421% (1 Month LIBOR USD + 2.800%), 02/25/2030(a) . . . . . . . . . . . . . . . . . . . . . . . 350,000 366,2542017-C07, 4.121% (1 Month LIBOR USD + 2.500%), 05/25/2030(a) . . . . . . . . . . . . . . . . . . . . . . . 1,030,000 1,062,9012018-C01, 3.871% (1 Month LIBOR USD + 2.250%), 07/25/2030(a) . . . . . . . . . . . . . . . . . . . . . . . 780,000 798,150

Fannie Mae Pool254832, 5.500%, 08/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,150 68,595254908, 5.000%, 09/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,967 67,272255320, 5.000%, 07/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,266 10,968931738, 3.500%, 08/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,105 151,760


22



AX5306, 3.500%, 01/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45,235 $ 46,041256714, 5.500%, 05/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,131 282,706AD0696, 5.500%, 07/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,183 81,477AP7517, 3.000%, 09/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,137 68,283257075, 5.500%, 02/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,262 9,051#TBA, 3.000%, 03/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,000 358,411257204, 5.500%, 05/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,779 58,421MA0023, 5.000%, 04/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,083 18,251MA0096, 4.500%, 06/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,420 10,946AL8062, 5.500%, 06/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,474 56,999AS3118, 3.000%, 08/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,133 59,078AS4466, 3.000%, 02/01/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,358 65,257AS4506, 3.000%, 02/01/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,271 54,187AX9538, 3.000%, 02/01/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,168 85,089AE0205, 5.000%, 03/01/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,750 21,101AS4877, 3.000%, 04/01/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,665 74,550AY4218, 3.000%, 05/01/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,328 82,201AS5240, 3.000%, 06/01/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,324 64,224AZ0886, 3.000%, 07/01/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,123 51,044AS6096, 3.000%, 10/01/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,094 16,069890710, 3.000%, 02/01/2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,739 41,602MA2596, 3.000%, 04/01/2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,504 58,311AB3000, 4.500%, 05/01/2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,643 25,914BM1177, 3.000%, 12/01/2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,607 73,423MA2831, 3.000%, 12/01/2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,357 84,080AS9505, 3.000%, 04/01/2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,871 105,522AS9520, 3.500%, 04/01/2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,799 220,115MA3060, 3.000%, 07/01/2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,982 128,558MA3155, 3.000%, 10/01/2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,792 133,379720679, 5.000%, 06/01/2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,928 21,522725027, 5.000%, 11/01/2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,017 11,935888283, 5.000%, 08/01/2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,810 55,959725946, 5.500%, 11/01/2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,025 125,354735484, 5.000%, 05/01/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,402 16,636830722, 5.000%, 07/01/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,671 37,101735925, 5.000%, 10/01/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,526 49,178836427, 5.000%, 10/01/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,535 26,490885399, 5.500%, 06/01/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,187 36,411900527, 6.000%, 09/01/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,429 3,840915320, 6.000%, 03/01/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,116 32,436256711, 5.500%, 05/01/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,204 24,374940765, 5.500%, 06/01/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,685 46,678942051, 5.500%, 07/01/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,848 61,187952572, 5.500%, 09/01/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,704 2,970967254, 5.500%, 12/01/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,397 2,607889757, 5.000%, 02/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,977 24,824962343, 5.000%, 03/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,724 24,340929301, 5.000%, 04/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,935 20,266257161, 5.500%, 04/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,563 56,462982126, 5.000%, 05/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,678 66,183889579, 6.000%, 05/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,720 33,158995681, 6.000%, 05/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,063 6,767889533, 5.500%, 06/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,715 42,401


23



990502, 5.500%, 09/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 95,784 $ 104,056AB0131, 5.000%, 12/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,833 15,944995245, 5.000%, 01/01/2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,082 47,462995906, 5.000%, 03/01/2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,845 18,048BC4575, 5.500%, 04/01/2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,174 88,966995838, 5.500%, 05/01/2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,908 123,529AL0070, 5.000%, 07/01/2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,377 29,320890326, 5.500%, 01/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,874 122,880932586, 4.500%, 03/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,174 43,501AD1656, 4.500%, 03/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,434 58,567#TBA, 4.500%, 03/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330,000 345,502190404, 4.500%, 05/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,323 107,049AD7406, 5.000%, 07/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,921 17,270AD9173, 4.000%, 08/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387,928 400,465AB1389, 4.500%, 08/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,003 94,019AB1335, 4.500%, 08/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,122 8,580AD8529, 4.500%, 08/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,584 105,184MA0510, 4.500%, 09/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,009 1,066AE8714, 3.500%, 11/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,501 44,717890310, 4.500%, 12/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,748 21,913AH3952, 4.000%, 01/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,531 242,140AL0791, 4.000%, 02/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,068 80,680AE0954, 4.500%, 02/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,483 75,506AH7196, 4.500%, 03/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686,705 725,165#TBA, 3.500%, 03/15/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,955,000 1,951,464#TBA, 4.000%, 03/15/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,955,000 3,026,509AL0245, 4.000%, 04/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,989 16,524AL0065, 4.500%, 04/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,370 34,186AI1170, 5.000%, 04/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261,860 282,223AL0214, 5.000%, 04/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,097 20,650AB2817, 5.000%, 04/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,040 17,345AH7395, 4.500%, 06/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,919 18,832AI4891, 4.500%, 06/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355,137 375,146AB3194, 4.500%, 06/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,817 34,668AH1662, 4.500%, 07/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,808 60,004890603, 5.000%, 08/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,223 130,052AJ1959, 4.500%, 10/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 785,781 829,073AL1547, 4.500%, 11/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,353 19,351AJ9278, 3.500%, 12/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,635 17,721AJ6346, 3.500%, 12/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,727 50,974AX5302, 4.000%, 01/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,642 37,831AK2415, 4.000%, 02/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,417 68,576AK6744, 4.000%, 03/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,972 109,407AK6743, 4.000%, 03/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,045 95,033AK6568, 3.500%, 04/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,671 85,085AK9393, 3.500%, 04/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,712 35,886AO1214, 3.500%, 04/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,565 216,606AL4029, 4.500%, 04/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,850 100,189AL1886, 3.209% (12 Month LIBOR USD + 1.750%), 06/01/2042(a) . . . . . . . . . . . . . . . . . . . . . . . . 53,062 53,772AO9553, 4.000%, 07/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,570 328,866AL7306, 4.500%, 09/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,510 52,362AP8743, 3.500%, 10/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538,713 541,203AP7363, 4.000%, 10/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355,961 367,371


24



AB7733, 3.000%, 01/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,785 $ 37,902AR1977, 3.000%, 01/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,582 62,136AL3714, 3.500%, 01/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,580 51,812AL2897, 3.500%, 01/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,249 66,548AQ9330, 3.500%, 01/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,136 70,547AL5930, 4.500%, 01/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264,915 279,815AB7965, 3.500%, 02/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,349 39,518AB8897, 3.000%, 04/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,227 386,256AB8931, 3.000%, 04/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,209 47,113AT1001, 3.500%, 04/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,950 34,094AT2021, 3.500%, 04/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,616 38,785AB9046, 3.500%, 04/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,092 101,522AT5993, 3.000%, 05/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,138 47,043AB9341, 3.000%, 05/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,307 65,776AB9260, 3.500%, 05/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,930 114,368AT5895, 3.000%, 06/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256,752 250,780AR7218, 3.000%, 06/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199,417 194,881AU1628, 3.000%, 07/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,307 3,230AS0016, 3.000%, 07/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,672 19,205AU1632, 3.000%, 07/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,062 25,456AS0044, 3.000%, 07/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,743 57,346AS0205, 3.000%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,915 232,323AU3735, 3.000%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,799 98,429AS0203, 3.000%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,502 154,733AS0331, 3.000%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,258 26,610AS0212, 3.500%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,938 87,273AU0949, 3.500%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,841 71,283AU3751, 4.000%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,834 208,111AS0531, 4.000%, 09/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,756 108,137AU6857, 4.000%, 09/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,288 102,561AU4658, 4.500%, 09/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,311 37,082MA1600, 3.500%, 10/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,088 52,283AS1042, 4.000%, 11/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,516 96,442AV0284, 4.500%, 11/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,528 15,222AS1333, 4.500%, 12/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,661 52,155AL4450, 4.500%, 12/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,542 45,757AS1559, 4.000%, 01/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,914 55,562AS2516, 4.500%, 05/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,446 58,271AS2751, 4.500%, 06/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,428 65,606MA1926, 4.500%, 06/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,902 47,309BM1761, 4.000%, 08/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,447 346,234AL6223, 4.500%, 08/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,887 46,128AX2491, 4.000%, 10/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,747 44,061AS3467, 4.000%, 10/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,261 62,928AL6432, 4.000%, 01/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,712 92,182AY4205, 3.000%, 05/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,531 56,976AL9578, 4.000%, 06/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297,536 307,420AZ0814, 3.500%, 07/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,911 93,953AZ0862, 3.500%, 07/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,661 180,592BM1953, 3.500%, 08/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,511 187,353AZ4775, 3.500%, 10/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,356 53,341AS6311, 3.500%, 12/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,998 75,992AS6464, 3.500%, 01/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,893 71,015


25



BC0835, 4.000%, 04/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 409,454 $ 419,953BC2733, 3.000%, 05/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,127 168,883AS7248, 4.000%, 05/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,998 288,208AS7200, 4.500%, 05/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,667 90,313AS7375, 3.000%, 06/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262,823 254,909AS7343, 3.000%, 06/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322,639 312,923AS7388, 3.500%, 06/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,968 174,955AL9282, 4.000%, 06/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337,044 345,673AS7401, 4.000%, 06/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208,081 213,420BC7146, 3.000%, 07/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517,307 501,730AS7902, 3.000%, 09/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,329 349,478AS8072, 3.000%, 10/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249,678 242,159BE5069, 3.000%, 11/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199,112 193,749BC9003, 3.000%, 11/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,225 180,617AS8659, 4.000%, 01/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,689 240,606AS8699, 4.000%, 01/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,311 135,747MA2872, 4.500%, 01/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264,421 277,329AS8700, 4.500%, 01/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,527 142,163BE5475, 3.500%, 02/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,491 188,477AL9879, 3.500%, 02/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,786,745 2,788,229BD7081, 4.000%, 03/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 809,157 830,102AS8966, 4.000%, 03/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,701 208,733AS8982, 4.500%, 03/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,227 67,787BD7070, 5.000%, 03/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,785 160,352MA2959, 3.500%, 04/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387,800 387,771BD7165, 4.000%, 04/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,571,029 2,637,896AS9536, 3.500%, 05/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253,103 253,084CA0180, 3.500%, 05/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,302 223,285BE3619, 4.000%, 05/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567,873 582,657MA3008, 4.500%, 05/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,922 102,748AS9829, 3.500%, 06/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,995 235,977MA3027, 4.000%, 06/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,136,073 2,191,682BE3702, 4.000%, 06/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293,413 300,886AS9831, 4.000%, 06/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429,455 440,654MA3057, 3.500%, 07/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,816 357,789BE3767, 3.500%, 07/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241,671 241,653MA3088, 4.000%, 08/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379,440 389,398MA3149, 4.000%, 10/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,394 248,778BJ0276, 4.500%, 10/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000 68,643MA3210, 3.500%, 12/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 666,543 666,328

Flagstar Mortgage Trust2017-2, 3.500%, 10/25/2047(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,101,408 2,103,461

Freddie Mac Gold PoolZ6-0023, 5.500%, 12/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,290 174,979G1-3122, 5.000%, 04/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,015 1,061D9-6037, 5.000%, 05/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,029 56,761C9-0846, 5.500%, 08/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 162,731C9-0918, 5.000%, 09/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,503 262,781#TBA, 3.500%, 03/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630,000 640,822#TBA, 3.000%, 03/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115,000 1,109,861D9-7472, 5.500%, 12/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,994 4,333G1-4953, 3.500%, 01/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,679 59,847C9-1267, 5.000%, 09/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 53,589


26



G1-6093, 3.000%, 02/01/2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 155,977 $ 155,456G0-1772, 5.000%, 02/01/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,218 3,479G0-1883, 5.000%, 08/01/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,708 2,929A6-8761, 5.500%, 09/01/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,544 2,760G0-3535, 5.500%, 10/01/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,224 1,342G0-3812, 5.500%, 02/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,665 1,825G0-4471, 5.500%, 07/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,426 4,851G0-4449, 5.500%, 07/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,728 8,442A8-1743, 5.500%, 09/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,638 11,541A8-2657, 5.500%, 10/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,029 6,540A8-2134, 6.000%, 10/01/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,866 4,309G0-5205, 5.000%, 01/01/2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,743 23,486A8-6315, 4.500%, 05/01/2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,464 47,968A8-6521, 4.500%, 05/01/2039 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,501 80,716A9-3617, 4.500%, 08/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,148 11,719A9-3485, 5.000%, 08/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,620 109,888C0-3531, 4.000%, 10/01/2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,367 35,528A9-6592, 4.000%, 02/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,961 150,884#TBA, 4.000%, 03/15/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,780,000 2,847,437#TBA, 4.500%, 03/15/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560,000 586,465Q0-0285, 4.500%, 04/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,217 12,909Q0-0876, 4.500%, 05/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,024 94,036Q0-0950, 5.000%, 05/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,574 16,725Q0-2173, 4.500%, 07/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,294 56,314Q0-3705, 4.000%, 10/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,434 19,932Q0-4674, 4.000%, 12/01/2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,094 220,306#TBA, 3.500%, 03/15/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,930,000 2,926,531C0-3795, 3.500%, 04/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,769 352,401Q0-7726, 4.000%, 04/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457,529 470,638Q0-9004, 3.500%, 06/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,111 38,289C0-9004, 3.500%, 07/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,513 42,711Q0-9896, 3.500%, 08/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,222 53,470Q1-1348, 3.500%, 09/01/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,969 76,322Q1-4869, 3.000%, 01/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,035 107,528Q1-8305, 3.500%, 05/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,290 39,473Q1-9475, 3.500%, 06/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,054 88,461G6-0030, 3.500%, 07/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,024 187,894Q2-0780, 3.500%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,761 62,058Q2-0857, 3.500%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,933 40,165G0-8541, 3.500%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,535 82,919G0-7459, 3.500%, 08/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,329 42,526G6-0174, 4.000%, 10/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,623 118,498V8-0509, 4.000%, 10/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,843 53,484G0-8558, 4.000%, 11/01/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,116 70,155Q2-6367, 4.000%, 05/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,288 14,759Q2-5885, 4.500%, 05/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,783 52,189Q2-6513, 4.500%, 06/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,978 57,085Q2-9916, 4.000%, 11/01/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,290 103,207Q4-5219, 3.500%, 01/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,978 311,701G0-7961, 3.500%, 03/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,772 66,982G0-8633, 4.000%, 03/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,587 150,858G0-8636, 3.500%, 04/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,261 102,380G0-8637, 4.000%, 04/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,457 94,121Q3-3869, 4.000%, 06/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,584 36,621


27



G0-8658, 3.000%, 08/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 126,868 $ 123,336Q3-5225, 3.500%, 08/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,919 55,984V8-1873, 4.000%, 08/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,340 76,503G0-8672, 4.000%, 10/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,604 63,398V8-1992, 4.000%, 10/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333,358 343,059G0-8676, 3.500%, 11/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,010 124,154G6-0480, 4.500%, 11/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,486 42,484G0-8681, 3.500%, 12/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,780 90,886G0-8682, 4.000%, 12/01/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,711 111,876Q3-8473, 4.000%, 01/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,298 112,482Q3-8470, 4.000%, 01/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,839 73,930G0-8694, 4.000%, 02/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,557 68,494Q3-9434, 3.500%, 03/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,278 19,323G0-8693, 3.500%, 03/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,841 21,866G0-8699, 4.000%, 03/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,569 178,621G0-8706, 3.500%, 05/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,056 107,181Q4-0718, 3.500%, 05/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 593,942 594,635G0-8708, 4.500%, 05/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,276 136,542Q4-1208, 3.500%, 06/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,085 285,418Q4-5458, 4.000%, 08/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208,216 214,294G6-0724, 3.000%, 10/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,020 245,031G6-0782, 3.000%, 10/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,218 244,852G0-8735, 4.500%, 10/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,480 188,122G0-8732, 3.000%, 11/01/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205,723 199,651G0-8741, 3.000%, 01/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405,541 393,293G0-8743, 4.000%, 01/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,386 148,586V8-2942, 3.000%, 02/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,004 185,413G0-8747, 3.000%, 02/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,255 364,102Q4-6279, 3.500%, 02/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,307 211,554Q4-6539, 4.500%, 03/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,799 73,159G0-8756, 3.000%, 04/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,948 180,428G0-8758, 4.000%, 04/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787,828 810,531G0-8759, 4.500%, 04/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,365 92,620G0-8762, 4.000%, 05/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 633,822 652,040V8-3204, 4.500%, 05/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,211 185,768G0-8767, 4.000%, 06/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 509,895 524,565Q4-9100, 4.000%, 07/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 472,302 485,850G0-8774, 3.500%, 08/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,644 287,980G0-8775, 4.000%, 08/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529,310 544,495Q5-0962, 3.500%, 09/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277,714 278,039G0-8779, 3.500%, 09/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,791 169,990Q5-1268, 3.500%, 10/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,855 173,057Q5-1644, 3.500%, 10/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,078 143,246G0-8784, 3.500%, 10/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,516 195,745G0-8789, 4.000%, 11/01/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,506 216,758

Freddie Mac Structured Agency Credit Risk Debt Notes2017-DNA2, 5.071% (1 Month LIBOR USD + 3.450%), 10/25/2029(a) . . . . . . . . . . . . . . . . . . . . . . 570,000 625,6442017-HQA2, 4.271% (1 Month LIBOR USD + 2.650%), 12/25/2029(a) . . . . . . . . . . . . . . . . . . . . . . 500,000 519,9162017-HQA3, 3.971% (1 Month LIBOR USD + 2.350%), 04/25/2030(a) . . . . . . . . . . . . . . . . . . . . . . 700,000 716,7092018-DNA1, 3.421% (1 Month LIBOR USD + 1.800%), 07/25/2030(a) . . . . . . . . . . . . . . . . . . . . . . 570,000 567,407

FREMF Mortgage Trust2015-K718, 3.546%, 02/25/2022(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580,000 578,247


28



Ginnie Mae II Pool#TBA, 4.000%, 03/15/2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 220,000 $ 225,723MA0699, 3.500%, 01/20/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,003 73,873MA0783, 3.500%, 02/20/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,852 102,055MA0934, 3.500%, 04/20/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,637 75,527MA1376, 4.000%, 10/20/2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,734 121,210MA1861, 2.625% (1 Year CMT Rate + 1.500%), 04/20/2044(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 373,432 383,858#TBA, 3.500%, 03/15/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,005,000 1,010,633MA2893, 4.000%, 06/20/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,228 59,250MA3035, 4.000%, 08/20/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,095 35,231MA3245, 4.000%, 11/20/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,678 148,469MA3803, 3.500%, 07/20/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,862 79,438MA4510, 3.500%, 06/20/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353,436 355,951MA4586, 3.500%, 07/20/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481,926 485,356MA4587, 4.000%, 07/20/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,074 240,388MA4652, 3.500%, 08/20/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321,754 324,044MA4962, 3.500%, 01/20/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349,194 351,680

Government National Mortgage Association2012-147, 2.599%, 04/16/2054(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,499 94,349

GS Mortgage Securities Corp. II2018-CHLL D, 3.238% (1 Month LIBOR USD + 1.650%), 02/15/2037(a)(b) . . . . . . . . . . . . . . . . . . . 202,000 202,3792018-CHLL E, 3.938% (1 Month LIBOR USD + 2.350%), 02/15/2037(a)(b) . . . . . . . . . . . . . . . . . . . 469,000 471,564

GS Mortgage Securities Trust2014-GC18, 1.114%, 01/10/2047(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,781,150 213,5002014-GC26, 1.062%, 11/10/2047(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,549,082 130,2682015-GC32, 3.764%, 07/10/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,000 107,4172015-GC34, 3.278%, 10/10/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,000 131,242

Impac Secured Assets Trust2006-2, 2.121% (1 Month LIBOR USD + 0.500%), 08/25/2036(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 46,737

JP Morgan Alternative Loan Trust2007-A2, 1.811% (1 Month LIBOR USD + 0.190%), 06/25/2037(c) . . . . . . . . . . . . . . . . . . . . . . . . . 86,202 86,474

JP Morgan Mortgage Trust2016-3, 3.500%, 10/25/2046(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,213,914 1,221,2002017-1, 3.500%, 01/25/2047(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305,490 307,5072017-2, 3.500%, 05/25/2047(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,943 178,5622017-3, 3.500%, 08/25/2047(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,325,337 1,329,9452017-4, 3.500%, 11/25/2048(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,152,055 1,155,341

JP Morgan Trust2015-3, 3.500%, 05/25/2045(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289,485 291,396

JPMDB Commercial Mortgage Securities Trust2017-C7, 2.081%, 10/15/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382,996 376,814

Morgan Stanley Bank of America Merrill Lynch Trust2015-C24, 3.732%, 05/15/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000 224,3582015-C25, 3.635%, 10/15/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,000 324,1492017-C34, 2.109%, 11/15/2052 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 547,707 539,558

Morgan Stanley Capital I Trust2015-MS1, 3.779%, 05/15/2048(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 204,152

Morgan Stanley Mortgage Loan Trust2004-6AR, 3.646% (1 Month LIBOR USD + 2.030%), 07/25/2034(c) . . . . . . . . . . . . . . . . . . . . . . . 274,741 269,737

One Market Plaza Trust2017-1MKT, 4.142%, 02/10/2032(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,000 426,514

Sequoia Mortgage Trust2015-2, 3.500%, 05/25/2045(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 655,142 658,2262015-3, 3.500%, 07/25/2045(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 792,339 796,068


29



2017-2, 3.500%, 03/25/2047(b)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,354,544 $ 1,355,905UBS Commercial Mortgage Trust

2017-C2, 3.487%, 08/15/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 199,1602017-C4 A1, 2.129%, 10/15/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322,153 316,7062017-C4 A4, 3.563%, 10/15/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 400,339

UBS-Barclays Commercial Mortgage Trust2013-C6, 2.788%, 04/10/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 399,101

Wells Fargo Commercial Mortgage Trust2015-C29, 3.637%, 06/15/2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000 131,6952016-LC24, 2.942%, 10/15/2049 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,000 268,7852016-NXS6, 2.918%, 11/15/2049 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 287,5912014-LC16, 1.294%, 08/15/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,018 9,0022017-C39, 3.418%, 09/15/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,000 257,4992017-C40, 2.110%, 10/15/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,212 238,3312016-LC25, 3.640%, 12/15/2059 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,000 317,853

WFRBS Commercial Mortgage Trust2014-LC14, 1.301%, 03/15/2047(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,146,415 55,4092014-C22, 0.906%, 09/15/2057(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,743,372 156,178

Total Mortgage-Backed Securities (Cost $92,686,391) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,433,986

Municipal Bonds—0.30%American Municipal Power, Inc.

8.084%, 02/15/2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 32,725New Jersey Economic Development Authority

7.425%, 02/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225,000 277,790Philadelphia Authority for Industrial Development

3.964%, 04/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,000 192,453State Board of Administration Finance Corp.

2.995%, 07/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550,000 555,302

Total Municipal Bonds (Cost $1,055,728) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,058,270

U.S. Government Agency Issues—0.30%Federal National Mortgage Association

1.600%, 12/24/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,000 205,1556.625%, 11/15/2030(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,000 845,260

Total U.S. Government Agency Issues (Cost $1,086,025) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050,415

U.S. Government Notes/Bonds—25.65%United States Treasury Inflation Indexed Bonds

2.000%, 01/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,073,771 6,680,4403.625%, 04/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,202,469 2,817,0002.500%, 01/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,174,856 3,749,2893.875%, 04/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,044,188 4,041,3770.750%, 02/15/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 649,700 614,4121.000%, 02/15/2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,186,090 1,191,630

United States Treasury Notes/Bonds2.625%, 04/30/2018(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,950,000 3,957,3271.500%, 08/31/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,850,000 1,846,4230.875%, 10/15/2018(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 993,3791.250%, 12/31/2018(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,270,000 3,248,4131.250%, 01/31/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115,000 1,106,7461.125%, 02/28/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545,000 539,8590.875%, 04/15/2019(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,790,000 3,737,591


30



0.875%, 05/15/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 500,000 $ 492,5391.625%, 08/31/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 960,000 951,9001.625%, 03/15/2020(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,000 330,5771.375%, 01/31/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365,000 354,2421.375%, 04/30/2021(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495,000 478,6611.125%, 08/31/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840,000 800,9531.125%, 09/30/2021(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570,000 542,7472.000%, 10/31/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,000 225,6691.750%, 11/30/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 388,7191.875%, 01/31/2022(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 974,3361.875%, 02/28/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,000 330,9821.875%, 03/31/2022(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 77,8081.750%, 05/31/2022(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 915,000 883,8152.000%, 11/30/2022(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 7,772,9692.125%, 12/31/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 775,000 756,7152.375%, 01/31/2023(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,190,900 1,175,8741.500%, 02/28/2023(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,453,400 8,942,3262.375%, 08/15/2024(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405,000 395,4052.250%, 10/31/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 855,000 826,8622.000%, 02/15/2025(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,710,000 1,622,5962.125%, 05/15/2025(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465,000 443,9932.250%, 11/15/2025(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 978,900 939,1901.625%, 02/15/2026(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,630,000 2,401,0561.625%, 05/15/2026(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 832,700 757,7901.500%, 08/15/2026(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740,000 664,0642.000%, 11/15/2026(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,385,000 7,820,3232.250%, 02/15/2027(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,240,000 1,178,1942.250%, 08/15/2027(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,778,600 1,685,1542.250%, 11/15/2027(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,230,100 2,110,2325.000%, 05/15/2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,700 11,2353.125%, 08/15/2044(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850,000 850,5313.000%, 11/15/2044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,000 469,2192.500%, 02/15/2045(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000 15,9402.875%, 08/15/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670,000 638,8293.000%, 11/15/2045 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000 43,9452.500%, 02/15/2046(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 513,300 452,9672.500%, 05/15/2046(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,250,000 3,746,1442.250%, 08/15/2046(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,774,200 1,479,7253.000%, 02/15/2047(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,837,000 1,791,6493.000%, 05/15/2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,000 428,9232.750%, 08/15/2047(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,000 194,570

Total U.S. Government Notes/Bonds (Cost $93,172,245) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,973,254

Shares

Exchange-Traded Funds—1.12%SPDR Bloomberg Barclays Short Term High Yield Bond ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,707 3,980,890

Total Exchange-Traded Funds (Cost $3,960,139) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,980,890

Investments Purchased With Proceeds From Securities Lending—20.83%Money Market Fund—20.83%Mount Vernon Liquid Assets Portfolio, LLC, 1.650%(h) 73,881,159 73,881,159

Total Investments Purchased With Proceeds From Securities Lending(Cost $73,881,159) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,881,159


31


Shares Value

Short-Term Investments—1.47%Fidelity Institutional Government Portfolio, Class I, 1.260%(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,197,608 $ 5,197,608

Total Short-term Investments (Cost $5,197,608) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,197,608

Total Investments (Cost $445,635,097)—124.46% 441,395,655Liabilities in Excess of Other Assets—(24.46)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (86,760,376)

Total Net Assets—100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $354,635,279

Percentages are stated as a percent of net assets.

(a) Variable rate security; the rate shown represents the rate at February 28, 2018.(b) Securities defined as Rule 144(a) securities under the Securities Act of 1933. Such securities are deemed to be liquid.(c) Floating rate security; the rate shown represents the rate at February 28, 2018. The coupon is based on an underlying pool

of loans.(d) Variable rate security; the rate shown represents the rate at February 28, 2018. The coupon is based on an underlying pool

of loans.(e) Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.(f) Principal amount in Mexican pesos.(g) All or portion of this security is out on loan as of February 28, 2018. Total value of securities out on loan is $72,552,789.(h) The rate shown represents the seven day yield at February 28, 2018.(i) Perpetual bond with no stated maturity date. The date referenced is the next call date.(j) Principal amount in South African rand.

Abbreviations#TBA Pool number to be announced


32

PMC Core Fixed Income Fund Schedule of Open Futures ContractsFebruary 28, 2018 (Unaudited)

Number ofContracts

ExpirationMonth

NotionalAmount

Value/UnrealizedAppreciation

(Depreciation)

Futures Contracts Purchased2 Year U.S. Treasury Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 June 2018 $ 4,712,736 $ (759)5 Year U.S. Treasury Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 June 2018 23,085,888 (42,824)U.S. Treasury Long Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 June 2018 5,293,876 47,326

Total Futures Contracts Purchased $ 3,743

Futures Contracts SoldEuro-BOBL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (58) March 2018 $ (7,076,018) $ (47,311)Euro-Bund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) March 2018 (610,002) 21,283Euro-BTP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (33) March 2018 (4,026,010) 105,642Euro-OAT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26) March 2018 (3,172,008) (28,891)10 Year U.S. Treasury Note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (76) June 2018 (7,425,666) 10,665CME Ultra Long Term U.S. Treasury Bond . . . . . . . . . . . . . . . . . (8) June 2018 (884,372) (16,417)

Total Futures Contracts Sold $ 44,971


33

PMC DIVERSIFIED EQUITY FUND Schedule of InvestmentsFebruary 28, 2018 (Unaudited)

Shares Value

COMMON STOCKS—95.80%Accommodation—0.34%China Lodging Group Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,218 $ 185,014Hilton Worldwide Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400 436,266InterContinental Hotels Group PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,871 186,012Melco Resorts & Entertainment Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,807 77,052Sands China Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115 62,903Vail Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,092 842,420Wyndham Worldwide Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,114 707,879Wynn Macau Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,593 90,366

2,587,912

Administration of Human Resource Programs—0.04%Hailiang Education Group, Inc.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,229 313,792

Administrative and Support Services—1.94%ABM Industries, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,349 785,791Amcor Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,434 2,045,591Booking Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 382,399Broadridge Financial Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,367 1,843,679Criteo SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,188 65,618Ctrip.com International Ltd.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,324 152,838Experian PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,558 54,716Jupai Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,148 250,864Kforce, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,213 864,600ManpowerGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,870 458,440MasterCard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,140 2,485,247On Assignment, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,145 778,020Rentokil Initial PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,775 137,397Secom Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,417 185,943ServiceMaster Global Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,922 509,594Total System Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,990 1,054,521TransUnion(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,070 517,625WageWorks, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,372 701,361WNS Holdings Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,035 1,171,575Yirendai Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,202 159,130

14,604,949

Air Transportation—0.69%Air France-KLM—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,697 90,902American Airlines Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,734 365,320China Eastern Airlines Corp. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,840 78,237China Southern Airlines Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,849 122,237Delta Air Lines, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,109 1,245,574Deutsche Lufthansa AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,957 165,514Hawaiian Holdings, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,995 287,820International Consolidated Airlines Group SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,583 60,302Latam Airlines Group SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,002 113,853Ryanair Holdings PLC—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,808 219,238Southwest Airlines Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,938 2,078,653United Continental Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,968 336,781

5,164,431

Ambulatory Health Care Services—0.42%Laboratory Corp. of America Holdings(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,198 1,415,795


34

PMC DIVERSIFIED EQUITY FUND Schedule of InvestmentsFebruary 28, 2018 (Unaudited) (Continued)

Shares Value

Mazor Robotics Ltd.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,774 $ 112,507Quest Diagnostics, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,146 942,495Sonic Healthcare Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,270 308,967Spark Therapeutics, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,760 385,996

3,165,760

Amusement, Gambling, and Recreation Industries—0.28%Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,018 729,411Paddy Power Betfair PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851 51,171Six Flags Entertainment Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,732 559,634Wynn Resorts Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,512 755,759

2,095,975

Animal Production and Aquaculture—0.03%Industrias Bachoco SAB de CV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,082 120,777JBS SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,831 70,986

191,763

Apparel Manufacturing—0.35%adidas AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,757 194,711Burberry Group PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,860 103,761Carter’s, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,946 577,099Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,739 638,098Michael Kors Holdings Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,927 435,916PVH Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,650 670,902

2,620,487

Beverage and Tobacco Product Manufacturing—2.13%Ambev SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,135 95,411Anheuser-Busch InBev SA/NV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,885 3,067,009British American Tobacco PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,047 3,369,196Brown-Forman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,860 1,037,079Carlsberg A/S—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,005 344,173Cia Cervecerias Unidas SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,172 227,672Coca-Cola Amatil Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,783 172,490Coca-Cola European Partners PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,828 411,681Coca-Cola Femsa SAB de CV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,144 77,128Diageo PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,924 2,838,131Embotelladora Andina SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,193 121,597Fomento Economico Mexicano SAB de CV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,294 396,336Heineken NV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,992 207,325Japan Tobacco, Inc.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,509 247,227Kirin Holdings Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,310 371,201Molson Coors Brewing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,620 1,038,525Monster Beverage Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,934 756,258PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,660 840,532Pernod-Ricard SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,705 219,790Vina Concha y Toro SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,549 196,335

16,035,096

Broadcasting (except Internet)—0.73%CBS Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,837 627,006Comcast Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,711 967,205Discovery Communications, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,219 671,453Grupo Televisa SAB—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,301 260,270


35


Shares Value

Liberty Latin America Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,435 $ 152,046Madison Square Garden Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,983 972,649Sirius XM Holdings, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,900 438,972Videocon d2h Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,918 240,019Walt Disney Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,100 1,145,076

5,474,696

Building Material and Garden Equipment and Supplies Dealers—0.51%Home Depot, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,526 3,012,194Lowe’s Companies, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,350 837,667

3,849,861

Chemical Manufacturing—8.78%AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,700 1,586,871Adaptimmune Therapeutics PLC—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,835 97,931Akari Therapeutics PLC—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,316 16,216Albemarle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,058 307,115Alnylam Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,282 274,205Amarin Corp. PLC—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,722 47,615Arkema SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,881 246,373Ascendis Pharma A/S—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,960 184,082Ashland Global Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,883 416,634Astellas Pharma, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,303 209,396Avadel Pharmaceuticals PLC—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,765 81,147Balchem Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,440 409,360Bayer AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,386 537,607BeiGene Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478 68,579BioLine RX Ltd.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,146 54,135Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,800 516,360Catalent, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,655 820,596Celanese Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,384 1,450,770Celgene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,200 1,237,104Chemours Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,800 275,558Clorox Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,227 1,191,021Clovis Oncology, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,830 686,968Croda International PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,115 3,225,698CSL Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,105 3,044,565Daiichi Sankyo Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,822 314,416DowDuPont, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,066 637,340Dr Reddy’s Laboratories Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,018 170,261Eastman Chemical Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,292 838,155Eisai Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,095 164,437FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,345 968,836Fresenius Medical Care AG & Co. KGaA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,713 196,121Genmab A/S—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 645 67,080Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,834 931,691Grifols SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,963 238,993H Lundbeck A/S—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,119 111,798Henkel AG & Co. KGaA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,970 236,902IDEXX Laboratories, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,315 620,667Illumina, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,311 526,954International Flavors & Fragrances, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,792 394,370Johnson & Johnson(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,316 7,963,723Kao Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,827 500,863


36


Shares Value

Koninklijke DSM NV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,558 $ 220,968Ligand Pharmaceuticals, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,375 816,409Lonza Group AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,834 199,689L’Oreal SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,813 250,482LyondellBasell Industries NV(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,675 938,809Medicines Co.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,560 598,927Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,088 1,577,151Merck KGaA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,589 91,826Methanex Corp.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,991 494,055Mylan NV(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,639 549,924Novartis AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,000 4,250,850Novo Nordisk A/S—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,840 558,043Novozymes A/S—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,641 186,565Nutrien Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,409 364,893Otsuka Holdings Co. Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,296 158,093Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,658 6,123,972Praxair, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,859 877,385Prestige Brands Holdings, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,416 554,861Quaker Chemical Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,825 687,707Quidel Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,250 926,925Reckitt Benckiser Group PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,956 2,130,431Repligen Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,860 646,709Roche Holding AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,064 4,280,530Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,492 232,696Shin-Etsu Chemical Co. Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,366 379,119Shiseido Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,495 211,150Sinopec Shanghai Petrochemical Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,722 162,340Spectrum Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,055 194,773Sysmex Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 623 25,830Takeda Pharmaceutical Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,534 413,565Toray Industries, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,131 245,289Trinity Biotech PLC—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,449 111,652Vanda Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,620 822,237Vertex Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,793 795,782Westlake Chemical Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,276 1,004,220Yara International ASA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,949 129,933Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,059 2,107,131

66,189,434

Clothing and Clothing Accessories Stores—0.30%American Eagle Outfitters, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,080 290,592Fast Retailing Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,608 221,881Gap, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,306 514,942Marks & Spencer Group PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,377 84,573Tiffany & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,205 727,993TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,491 453,996

2,293,977

Computer and Electronic Product Manufacturing—10.91%AAC Technologies Holdings, Inc.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 352,704Advanced Semiconductor Engineering, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,374 398,111Agilent Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,168 2,069,223Alphabet, Inc.—Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,114 3,437,607Alphabet, Inc.—Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,581 2,851,308


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Shares Value

Amphenol Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,680 $ 2,986,625Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,992 17,454,334AU Optronics Corp.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,321 388,612ChipMOS TECHNOLOGIES, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,187 345,803Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,244 2,384,266Daqo New Energy Corp.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,803 236,019Flex Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,879 522,710FLIR Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,460 906,386Fresenius SE & Co. KGaA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,600 2,421,813Fujitsu Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,815 145,365Garmin Ltd.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,824 759,694Hanwha Q CELLS Co. Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,231 317,317Harris Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,125 956,419Hitachi Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,816 294,824Hoya Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,871 310,341HP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,687 2,635,750Intel Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,895 3,790,155JA Solar Holdings Co. Ltd.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,163 423,578JinkoSolar Holding Co. Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,793 228,611Juniper Networks, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,391 779,833Kyocera Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,111 241,768L3 Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,225 1,291,999Lam Research Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,378 2,374,843LG Display Co. Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,813 419,057Logitech International SA(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,642 64,662MACOM Technology Solutions Holdings, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,957 276,502Maxim Integrated Products, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,423 1,305,518MaxLinear, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,955 726,337Mettler-Toledo International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,418 2,106,240Microchip Technology, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,267 913,044Micron Technology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,719 2,036,304Motorola Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,814 2,740,156Murata Manufacturing Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,658 162,704NCR Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,850 391,050NetApp, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,676 1,675,782NETGEAR, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,965 667,049NTT DOCOMO, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,631 194,896NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250 544,500NXP Semiconductors NV(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,410 1,048,391Omron Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,792 224,183ON Semiconductor Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,377 989,738Orbital ATK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,130 413,348Panasonic Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,195 284,388PerkinElmer, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,472 1,486,492Plantronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,420 617,137Qorvo, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,931 559,401Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,383 300,816Roper Technologies, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,909 1,075,327Seiko Epson Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,623 90,745Semtech Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,275 783,204Siliconware Precision Industries Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,793 306,746Skyworks Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,947 1,195,960Sonova Holding AG—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,137 223,459Sony Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,476 326,779


38


Shares Value

STMicroelectronics NV(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,278 $ 51,938Taiwan Semiconductor Manufacturing Co. Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,306 3,091,115TDK Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,876 171,513Teradyne, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,311 967,519Tokyo Electron Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,886 239,634Toshiba Corp.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,298 75,860United Microelectronics Corp.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,865 455,165Varian Medical Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,260 866,408voxeljet AG—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,892 44,606Western Digital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,211 801,725

82,221,416

Construction of Buildings—0.69%ACS Actividades de Construccion y Servicios SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,376 43,931CK Hutchison Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,655 344,305Daiwa House Industry Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,924 145,345DR Horton, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,914 750,596Lennar Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,672 660,402NVR, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 662,459Persimmon PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,565 112,524PulteGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,825 668,767Sekisui House Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,096 124,961Sun Hung Kai Properties Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,636 194,379Swire Pacific Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,259 207,452Toll Brothers, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,423 1,289,609

5,204,730

Couriers and Messengers—0.15%FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,228 1,041,822ZTO Express Cayman, Inc.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,582 56,846

1,098,668

Credit Intermediation and Related Activities—10.02%Ally Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,773 719,067American Express Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,099 1,862,343Ameriprise Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,441 694,750Banco Bilbao Vizcaya Argentaria SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,559 212,651Banco Santander Chile—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,818 581,758Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand—ADR . . 35,650 252,046Bank Mandiri Persero Tbk PT—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,793 554,095Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,333 3,862,688Bank of China Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,654 791,242Bank of New York Mellon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,434 1,279,411Bank Rakyat Indonesia Persero Tbk PT—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,385 749,697BB&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,211 1,044,118BNP Paribas SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,179 2,382,487CaixaBank SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,261 134,085Capital One Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,310 617,938CenterState Bank Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,625 480,105Cielo SA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,981 2,249,858Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,071 2,798,490Citizens Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,334 536,406Commerzbank AG—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,145 202,696Credit Agricole SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,781 134,849Danske Bank A/S—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,801 480,066


39


Shares Value

DBS Group Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,479 $ 474,755Discover Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,865 1,250,638DNB ASA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,002 356,080Erste Group Bank AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,995 151,793Euronet Worldwide, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,650 394,646Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,373 673,328First Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,035 451,402Flushing Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,208 85,654Great Western Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,390 874,637Grupo Aval Acciones y Valores SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,988 506,117Grupo Financiero Banorte SAB de CV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,045 392,002Grupo Financiero Galicia SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,055 318,162Grupo Supervielle SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,466 352,121H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,018 887,006HDFC Bank Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,877 959,847Hope Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,734 717,596Houlihan Lokey, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,355 341,419ICICI Bank Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,405 497,848Independent Bank Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,515 452,141Independent Bank Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,680 468,936Industrial & Commercial Bank of China Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,261 655,028Intesa Sanpaolo SpA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,384 302,612Itau CorpBanca—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,577 314,622JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,390 9,285,044Julius Baer Group Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,002 324,026KB Financial Group, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,601 797,155KBC Group NV—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,213 244,620KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,281 977,918Lloyds Banking Group PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,193,415 4,582,713M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,499 664,250Macquarie Group Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,742 219,744MainSource Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,610 476,280Mitsubishi Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,924 334,232Mitsubishi UFJ Financial Group, Inc.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 527,536 3,750,781Mizuho Financial Group, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,508 395,145Nordea Bank AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205,900 2,344,172Old National Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,765 642,005PNC Financial Services Group, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,572 1,351,462QIWI PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,205 238,928Regions Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,341 1,559,419Retrophin, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,070 677,291Royal Bank of Scotland Group PLC—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,751 154,595Sberbank of Russia PJSC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,898 1,132,493Shinhan Financial Group Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,046 686,608State Street Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,287 879,665Sterling Bancorp(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,045 768,296Sumitomo Mitsui Financial Group, Inc.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,992 418,010Sumitomo Mitsui Trust Holdings, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,252 278,087Suntrust Banks, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,526 735,136SVB Financial Group(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,099 273,629Svenska Handelsbanken AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,045 265,506Swedbank AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,689 267,599Umpqua Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,770 804,879United Bankshares, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,217 504,704


40


Shares Value

United Overseas Bank Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,549 $ 570,548Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,778 2,031,383Western Union Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,933 1,068,952Woori Bank—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,108 550,672WSFS Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,775 800,168

75,555,351

Crop Production—0.02%Cresud SACIF y A—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,109 159,455

Data Processing, Hosting and Related Services—0.91%DST Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,300 690,311ExlService Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,840 732,137Fiserv, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,920 1,565,819Hewlett Packard Enterprise Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,804 1,130,346InterXion Holding NV(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,615 653,925Sify Technologies Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,001 172,022Visa, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,280 1,878,522

6,823,082

Educational Services—0.11%Bright Scholar Education Holdings Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,962 89,812China Distance Education Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,339 106,700Kroton Educacional SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,666 193,173New Oriental Education & Technology Group, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,263 206,816TAL Education Group—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,584 210,852

807,353

Electrical Equipment, Appliance, and Component Manufacturing—1.28%ABB Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,442 666,566AMETEK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,110 1,068,691BYD Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,027 163,042Corning, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,386 1,436,145Eaton Corp. PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,109 1,784,196Koninklijke Philips NV(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,427 282,672Mitsubishi Electric Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,211 209,714Nidec Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,745 309,800Rockwell Automation, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,602 651,242SMC Corp.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,512 1,897,132Valeo SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,029 65,882Whirlpool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,080 662,714Woodward, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,935 278,716Yaskawa Electric Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,557 145,035

9,621,547

Electronics and Appliance Stores—0.09%Best Buy Co., Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,795 637,110

Fabricated Metal Product Manufacturing—1.06%Assa Abloy AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,888 3,487,296Barnes Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,725 827,755BWX Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,150 513,124Crown Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,460 521,326Parker Hannifin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,317 770,455Pentair PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,455 718,154SKF AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,013 126,153


41


Shares Value

Stanley Black & Decker, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,595 $ 1,049,858

8,014,121

Fishing, Hunting and Trapping—0.01%Marine Harvest ASA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,603 107,746

Food and Beverage Stores—0.47%Carrefour SA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,994 259,323GrubHub, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,735 1,365,396J Sainsbury PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,919 186,292Koninklijke Ahold Delhaize NV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,267 252,493Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,865 620,098Seven & i Holdings Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,220 316,957Shoprite Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,225 181,279Tesco PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,913 120,487Wm Morrison Supermarkets PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,005 201,968

3,504,293

Food Manufacturing—1.18%Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,714 1,067,646Bunge Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,677 654,506Campbell Soup Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,825 595,166Chr Hansen Holding A/S—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,843 161,560Conagra Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,456 1,425,545Givaudan SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,098 141,439Ingredion, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,705 1,006,581J&J Snack Foods Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,122 688,038JM Smucker Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,637 1,090,853Nestle SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,806 859,401Symrise AG—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,566 92,553Tyson Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,042 746,924Unilever NV(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,694 350,096

8,880,308

Food Services and Drinking Places—0.54%Bidvest Group Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,299 88,534Cheesecake Factory, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,140 610,879Chuy’s Holdings, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,875 428,625Compass Group PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,669 230,344Darden Restaurants, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,383 1,510,348Del Frisco’s Restaurant Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,790 412,754Jack in the Box, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,970 717,938Sodexo SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,152 102,181

4,101,603

Funds, Trusts, and Other Financial Vehicles—0.57%NN Group NV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,415 344,834UBS Group AG(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,797 3,922,939

4,267,773

Furniture and Home Furnishings Stores—0.03%Ryohin Keikaku Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,829 193,815

General Merchandise Stores—1.20%Burlington Stores, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,250 889,140Costco Wholesale Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,400 1,985,360


42


Shares Value

Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,121 $ 673,575Five Below, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,750 718,638Kering SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,308 202,562Kohl’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,356 552,248Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,291 776,044Wal-Mart de Mexico SAB de CV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,431 245,129Walmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,403 3,006,603

9,049,299

Health and Personal Care Stores—0.50%CVS Health Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,292 1,374,376Express Scripts Holding Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,350 856,358McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,447 663,626Rite Aid Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,547 428,568Walgreens Boots Alliance, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,050 416,785

3,739,713

Heavy and Civil Engineering Construction—0.25%Atlantia SpA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,417 37,186Granite Construction, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,270 712,887IRSA Inversiones y Representaciones SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,957 110,084MasTec, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,995 305,445MYR Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,180 620,473RWE AG—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,865 57,014

1,843,089

Hospitals—0.22%Encompass Health Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,730 837,780HCA Healthcare, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,175 811,369

1,649,149

Insurance Carriers and Related Activities—7.90%Aegon NV(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,268 271,735Aetna, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,864 1,038,280Aflac, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,483 1,553,889Ageas—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,202 272,429AIA Group Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,765 4,722,665Allianz SE—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,996 836,907Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,642 1,904,431American Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,942 557,458American International Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,451 713,940Anthem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,918 2,099,119Aon PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,662 934,812Arthur J. Gallagher & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,882 1,028,495AXA SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,181 4,393,972Berkshire Hathaway, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,219 2,946,176Centene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,427 651,826Chubb Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,904 837,896Cigna Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,139 1,986,129Essent Group Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,295 915,102Everest Re Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250 540,540Fanhua, Inc.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,148 672,943Hartford Financial Services Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,082 374,284Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,052 1,645,055


43


Shares Value

Infinity Property & Casualty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,390 $ 517,801ING Groep NV—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,046 2,989,408Lincoln National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,095 464,256Loews Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,932 1,180,566Marsh & McLennan Companies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,109 1,171,329MGIC Investment Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,950 964,611MS&AD Insurance Group Holdings, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,835 228,682Ping An Insurance Group Co. of China Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,064 612,669Primerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,760 756,600Principal Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,625 1,223,226Progressive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,623 1,245,052Prudential PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,479 2,487,309QBE Insurance Group Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,358 201,343Reinsurance Group of America, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,282 812,319Sampo OYJ—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,257 262,205Sanlam Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,703 322,087Selective Insurance Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,145 690,443Swiss Re AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,803 452,552Tokio Marine Holdings, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,586 2,797,256Torchmark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,434 1,146,861Travelers Companies, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,679 789,381United Fire Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349 15,524UnitedHealth Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,240 4,125,157Unum Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,354 782,440WellCare Health Plans, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,067 594,722Willis Towers Watson PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,771 753,341XL Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,604 660,205Zurich Insurance Group AG—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,851 390,372

59,535,800

Leather and Allied Product Manufacturing—0.20%Hermes International—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,171 225,901Steven Madden Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,047 1,275,163

1,501,064

Machinery Manufacturing—2.17%AAON, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,328 636,804Alfa Laval AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,319 103,613Applied Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,667 3,321,043Atlas Copco AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,707 200,942Belden, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,300 603,659Brooks Automation, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,775 608,320Canon, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,496 514,468Columbus McKinnon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,773 666,442Cummins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,677 1,627,381Daikin Industries Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,056 248,778Electrolux AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,854 188,022ESCO Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,986 647,075FANUC Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,107 357,824FUJIFILM Holdings Corp.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,202 216,663II-VI, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,020 578,269Ingersoll-Rand PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,357 1,541,302Kadant, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,490 905,346Komatsu Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,998 289,208


44


Shares Value

Kone OYJ—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,610 $ 67,377Makita Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,079 240,034Olympus Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,643 225,946Rolls-Royce Holdings PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,318 97,237Scotts Miracle-Gro Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,158 283,715Sharp Corp.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,412 108,233Snap-on, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,202 509,822Techtronic Industries Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,403 201,246Toro Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,250 333,742Vestas Wind Systems A/S—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,609 38,705Weichai Power Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,070 63,984Xylem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,739 950,074

16,375,274

Management of Companies and Enterprises—0.49%American Equity Invesment Life Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,295 560,010Asahi Kasei Corp.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,334 318,587BOC Hong Kong Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,851 386,448Bryn Mawr Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,086 308,595City Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,598 511,877CoBiz Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,500 407,640FCB Financial Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,835 581,298First Interstate BancSystem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,710 581,045Park24 Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,033 49,930

3,705,430

Materials—0.04%Venator Materials PLC(a)(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,025 306,719

Merchant Wholesalers, Durable Goods—2.05%Adient PLC(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,542 405,997Anixter International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,115 688,638Applied Industrial Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,665 821,215Arrow Electronics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,078 1,230,063Avnet, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,081 1,497,959Cie Generale des Etablissements Michelin SCA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,990 306,293Continental Building Products, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,890 1,139,408Ferguson PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,334 65,338Fortune Brands Home & Security, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,895 478,911Geely Automobile Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,809 248,004Huntington Ingalls Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,470 647,165KLA-Tencor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,949 1,014,011Lennox International, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,221 1,682,263LKQ Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,643 893,945Mitsui & Co. Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 872 316,972Mohawk Industries, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,121 988,545Paycom Software, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,495 642,485Safran SA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,459 122,819TE Connectivity Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,198 1,566,762WestRock Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,501 690,546

15,447,339

Merchant Wholesalers, Nondurable Goods—2.43%Adamas Pharmaceuticals, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,205 542,912Brenntag AG—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,079 4,864,286


45


Shares Value

Danone SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,930 $ 2,853,997Herbalife Ltd.(a)(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,662 797,770Hutchison China MediTech Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,761 92,921Illinois Tool Works, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,300 371,312ITOCHU Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000 268,730Orkla ASA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,278 253,265Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,702 3,745,562Suntory Beverage & Food Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,722 247,464Unilever PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,106 4,288,270

18,326,489

Mining (except Oil and Gas)—1.06%Anglo American PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,823 269,514Barrick Gold Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,378 269,315BHP Billiton PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,999 163,239China Shenhua Energy Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,339 353,191Compania de Minas Buenaventura—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,584 71,281DRDGOLD Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,487 92,376Fortescue Metals Group Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,073 86,591Freeport-McMoRan, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,006 967,312Glencore PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,704 2,702,791Gold Fields Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,189 83,061Harmony Gold Mining Co. Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,292 112,927Mechel PJSC—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,593 81,803MMC Norilsk Nickel PJSC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,915 195,821Newcrest Mining Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,272 70,445Randgold Resources Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 736 59,631Sibanye Gold Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,962 54,312Southern Copper Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,893 416,198US Silica Holdings, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,800 357,282Vale SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,186 524,294Vedanta Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,479 312,366Worthington Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,095 756,283

8,000,033

Miscellaneous Manufacturing—1.67%Ansell Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 992 80,927Baxter International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,311 2,664,893Cie Financiere Richemont SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,648 215,670Coloplast A/S—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,181 136,891CONMED Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,580 943,057ConvaTec Group PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,299 48,665Cooper Cos., Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,848 1,117,561CryoLife, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,990 719,911Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,633 764,063Essilor International Cie Generale d’Optique SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,164 142,175Estee Lauder Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,602 1,329,301Intuitive Surgical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,952 1,258,880Luxottica Group SpA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,829 110,234Merit Medical Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,070 913,185Nintendo Co., Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,242 242,006NuVasive, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,420 407,191Smith & Nephew PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,330 295,465Smiths Group PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,520 77,088


46


Shares Value

Textron, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,590 $ 514,112Wright Medical Group NV(a)(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,540 621,489

12,602,764

Miscellaneous Store Retailers—0.03%Woolworths Holdings Ltd.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,715 256,918

Motion Picture and Sound Recording Industries—0.18%Cinemark Holdings, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,736 754,844Time Warner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,951 460,245Vivendi SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,461 114,960

1,330,049

Motor Vehicle and Parts Dealers—0.08%Malibu Boats, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,092 611,899

Nonmetallic Mineral Product Manufacturing—0.69%Cemex SAB de CV—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,058 478,530Cie de Saint-Gobain—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,493 51,175CRH PLC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,040 398,524Eagle Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700 270,621James Hardie Industries PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,357 59,419LafargeHolcim Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240,528 2,799,745Owens Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,599 536,499Owens-Illinois, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,750 425,810Semen Indonesia Persero Tbk PT—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,273 169,505

5,189,828

Nonstore Retailers—0.66%Amazon.com, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,760 4,174,362ASOS PLC—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 890 90,833Copart, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,620 684,362

4,949,557

Oil and Gas Extraction—1.95%Akzo Nobel NV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,170 135,108Apache Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,507 563,714Cabot Oil & Gas Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,706 451,937Carrizo Oil & Gas, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,835 489,432CNOOC Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,878 267,615Concho Resources, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,649 851,869Continental Resources, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,389 446,071Devon Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,178 618,859Diamondback Energy, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,230 1,399,708Ecopetrol SA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,865 382,856Energen Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,589 305,774EQT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,700 437,697LUKOIL PJSC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,576 901,446Minerals Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,820 949,434Newfield Exploration Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,848 299,744Petroleo Brasileiro SA—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,606 106,788Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,826 1,068,717Repsol SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,319 200,912Sasol Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,386 323,535TOTAL SA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,477 4,108,722Whiting Petroleum Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,873 323,064


47


Shares Value

Woodside Petroleum Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,982 $ 89,495

14,722,497

Other Information Services—1.34%Alibaba Group Holding Ltd.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,339 2,296,781Facebook, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,790 3,707,273j2 Global, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,860 729,837NetEase, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,060 604,301Phoenix New Media Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,502 158,000VeriSign, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,075 2,213,082YY, Inc.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,042 393,422

10,102,696

Paper Manufacturing—0.34%Boise Cascade Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,255 896,877Hengan International Group Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,048 249,119Neenah, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,831 983,496Nitto Denko Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,739 196,455Smurfit Kappa Group PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,860 100,214Stora Enso OYJ—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,796 102,068UPM-Kymmene OYJ—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,790 61,316

2,589,545

Performing Arts, Spectator Sports, and Related Industries—0.53%Activision Blizzard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,100 1,469,913Electronic Arts, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,500 1,175,150Live Nation Entertainment, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,030 762,944Viacom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,184 572,915

3,980,922

Personal and Laundry Services—0.17%Kingfisher PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,259 132,723Service Corp. International(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,811 1,115,825

1,248,548

Petroleum and Coal Products Manufacturing—2.58%Andeavor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,475 1,207,630BP PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,908 579,325Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,666 4,775,178China Petroleum & Chemical Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,897 387,353Eni SpA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,871 95,231Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,450 488,523HollyFrontier Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,326 399,433Marathon Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,390 528,383Marathon Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,092 1,479,274Murphy Oil Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,020 532,857Norsk Hydro ASA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,597 166,522PBF Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,942 350,020Royal Dutch Shell PLC—Class A—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,992 6,453,033Royal Dutch Shell PLC—Class B—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,874 633,713Statoil ASA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,743 84,704Valero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,331 1,295,809

19,456,988


48


Shares Value

Pipeline Transportation—0.54%ENN Energy Holdings Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,644 $ 203,904Snam SpA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311,606 2,851,195South Jersey Indsustries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,585 696,793Transportadora de Gas del Sur SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,198 311,407

4,063,299

Plastics and Rubber Products Manufacturing—0.66%Armstrong World Industries, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,850 533,655Avery Dennison Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,059 479,571Berry Global Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,938 214,227Bridgestone Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,847 2,647,911Continental AG—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,541 194,100Goodyear Tire & Rubber Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,754 484,861Newell Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,328 419,466

4,973,791

Postal Service—0.03%Deutsche Post AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,006 137,435Royal Mail PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,103 78,790

216,225

Primary Metal Manufacturing—0.65%Aluminum Corp. of China Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,202 61,769ArcelorMittal(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,870 165,629Arconic, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,076 782,334Kaiser Aluminum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,085 811,491Kubota Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,818 164,247Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,727 636,146POSCO—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,588 541,797Silicon Laboratories, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,300 589,050Steel Dynamics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,471 1,085,533Usinas Siderurgicas de Minas Gerais SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,151 94,065

4,932,061

Printing and Related Support Activities—0.01%Dai Nippon Printing Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,137 84,462

Professional, Scientific, and Technical Services—4.18%51job, Inc.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,475 162,03858.com, Inc.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,558 117,426Adecco Group AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,576 143,827Advanced Accelerator Applications SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,740 142,036Amdocs Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,153 1,983,766Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,490 1,560,207Atos SE—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,920 50,323Cadence Design System, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,930 966,536Callidus Software, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,865 1,395,254CDW Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,856 937,588Cellect Biotechnology Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,333 52,871Cerner Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,235 656,678Cognizant Technology Solutions Corp.—Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,902 1,222,262Convergys Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,350 309,854CyberArk Software Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,169 3,721,616eBay, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,401 1,774,447


49


Shares Value

Exact Sciences Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,530 $ 737,403Exelixis, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,867 306,169F5 Networks, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,560 1,122,811Forward Pharma A/S—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,725 52,992Galapagos NV—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 40,121GEA Group AG—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501 23,863GKN PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,401 110,774Gravity Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,267 370,674Hennes & Mauritz AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,714 106,484Imperial Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,616 203,090Infosys Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,777 243,302Interpublic Group of Companies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,829 721,399IQVIA Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,914 778,184Jack Henry & Associates, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,207 2,018,381Jardine Matheson Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,009 261,387JGC Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,409 155,859Juno Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,143 533,028KeyW Holding Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,060 173,181Leidos Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,547 857,661Materialise NV—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,807 32,617Naspers Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,899 1,318,029Natera, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,756 276,804Navigant Consulting, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,935 515,588Nielsen Holdings PLC(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,289 400,990Omnicom Group, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,740 1,047,400Pandora A/S—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,657 43,165SGS SA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,747 95,211Summit Therapeutics PLC—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,931 57,742Telia Co. AB—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,858 205,684Tetra Tech, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,040 736,208VMware, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400 711,450Waters Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,497 1,534,186Wipro Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,504 371,947Wirecard AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,171 130,108Zealand Pharma A/S—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,766 42,984

31,533,605

Publishing Industries (except Internet)—3.60%ANSYS, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,456 1,192,513Apptio, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,904 170,626CA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,736 1,113,934Cheetah Mobile, Inc.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,929 183,851Citrix Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,746 2,092,632Dassault Systemes SE—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376 48,730DXC Technology Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,555 2,517,869Informa PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,665 31,968Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,179 4,799,054MiX Telematics Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,980 252,434Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,382 1,590,126Proofpoint, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,420 1,116,711Red Hat, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,705 1,872,717RELX NV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,781 98,202RELX PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,611 95,263SAP SE—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,125 3,461,562


50


Shares Value

Splunk, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,933 $ 552,956Synopsys, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,711 1,753,600Tableau Software, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,203 261,589Talend SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802 37,758Trend Micro, Inc.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,713 155,075Twenty-First Century Fox, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,868 436,980Ubisoft Entertainment SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,651 76,451Veeva Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,050 282,285Wolters Kluwer NV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,666 2,970,553

27,165,439

Rail Transportation—0.37%East Japan Railway Co.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,748 182,329Kansas City Southern . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,602 577,230Norfolk Southern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,891 819,320Union Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,150 1,061,538West Japan Railway Co.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,105 146,276

2,786,693

Real Estate—0.08%Daito Trust Construction Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,970 163,683Hang Lung Properties Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,784 128,545Jones Lang LaSalle, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,570 252,158Mitsubishi Estate Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,743 82,481

626,867

Rental and Leasing Services—0.16%Ashtead Group PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,311 156,311Brambles Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,926 58,537eHi Car Services Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,246 93,427Localiza Rent a Car SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,100 73,437Synchrony Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,320 411,934United Rentals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,294 401,656

1,195,302

Retailing—0.02%Jumei International Holding Ltd.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,742 136,065

Securities, Commodity Contracts, and Other Financial Investments and Related Activities—2.67%Affiliated Managers Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,390 641,930Allegion PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,871 662,030Aramark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,269 1,012,260BB Seguridade Participacoes SA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,646 158,969BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,973 1,084,025Cboe Global Markets, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,683 524,543Daiwa Securities Group, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,490 319,845Deutsche Boerse AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,745 261,424Eaton Vance Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,800 571,644Evercore, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,420 783,481First Pacific Co., Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,384 224,860FNF Group(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,763 789,137GDS Holdings Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,211 136,528Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,101 1,078,276Hong Kong Exchanges & Clearing Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,134 366,851Intercontinental Exchange, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,452 690,751


51


Shares Value

Invesco Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,027 $ 391,359London Stock Exchange Group PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,092 168,925Moody’s Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,416 1,404,462Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,636 1,100,009MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,292 748,924NASDAQ, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,203 420,142Noah Holdings Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,335 294,197Nomura Holdings, Inc.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,464 252,930ORIX Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,959 263,055Q2 Holdings, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,840 539,312Raymond James Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,053 468,464S&P Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,107 1,746,723Stifel Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,755 878,532T Rowe Price Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,282 702,956TD Ameritrade Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,587 378,753WH Group Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,235 204,557Yintech Investment Holdings Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,610 320,143Yum China Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,922 559,781

20,149,778

Specialty Trade Contractors—0.07%Quanta Services, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,091 554,174

Support Activities for Agriculture and Forestry—0.02%Fibria Celulose SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,459 177,829

Support Activities for Mining—0.53%ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,077 873,141Gazprom PJSC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,480 523,181Keane Group, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,655 461,135Pioneer Energy Services Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,435 237,696RPC, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,195 416,270South32 Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,881 152,314SRC Energy, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,580 767,965Subsea 7 SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,423 96,217Superior Energy Services, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,669 270,770YPF SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,888 228,512

4,027,201

Support Activities for Transportation—0.17%Expeditors International of Washington, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,146 659,084Grupo Aeroportuario del Pacifico SAB de CV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 821 79,268Japan Airlines Co. Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,079 237,473XPO Logistics, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,368 331,512

1,307,337

Telecommunications—2.77%America Movil SAB de CV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,052 202,915ATN International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,505 689,150Autohome, Inc.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,746 136,555CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,598 1,706,887China Mobile Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,788 733,984China Telecom Corp. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,031 131,576China Unicom Hong Kong Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,594 96,899Chunghwa Telecom Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,863 587,090


52


Shares Value

JD.com, Inc.—ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,121 $ 335,755KDDI Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,163 393,353Koninklijke KPN NV—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,350 114,851KT Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,387 191,059Mobile TeleSystems PJSC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,189 157,740Nippon Telegraph & Telephone Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,117 4,297,258Singapore Telecommunications Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,867 250,474SK Telecom Co. Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,603 306,883SoftBank Group Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,681 399,728Spark New Zealand Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,627 93,660Sprint Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,479 594,146Swisscom AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,432 294,686Telecom Argentina SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,198 173,145Telecom Italia SpA/Milano—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,359 25,864Telekomunikasi Indonesia Persero Tbk PT—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,196 237,930Telenor ASA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,422 257,223Tencent Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,513 3,211,779T-Mobile US, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,305 3,594,477Turkcell Iletisim Hizmetleri AS—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,915 207,059Verizon Communications, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,041 1,290,937Xunlei Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,317 42,358Yahoo Japan Corp.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,078 130,081

20,885,502

Transportation Equipment Manufacturing—3.40%Airbus SE—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,836 4,107,513Allison Transmission Holdings, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,900 550,857Astra International, Tbk PT—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,665 302,847Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,450 3,060,675BorgWarner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,308 1,193,037Brilliance China Automotive Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,725 128,048Brunswick Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,876 1,251,307Denso Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,702 341,932Federal Signal Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,260 604,481Fiat Chrysler Automobiles NV(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,534 477,495General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,116 470,704Gentex Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,690 765,100KLX, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000 744,480Lear Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,543 1,967,008Mazda Motor Corp.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,855 185,837Nissan Motor Co. Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,191 255,523PACCAR, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,145 654,691Renault SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,981 64,419Spirit AeroSystems Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,651 1,063,620Subaru Corp.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,552 3,562,890Tata Motors Ltd.—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,643 298,217Tenneco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,535 763,814Thor Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,341 817,989United Technologies Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,652 1,031,030Visteon Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,450 798,768Volkswagen AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,600 182,896

25,645,178

Truck Transportation—0.17%DSV A/S—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,050 159,084


53


Shares Value

Knight-Swift Transportation Holdings, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,057 $ 773,305Old Dominion Freight Lines, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,650 368,138

1,300,527

Utilities—1.59%Ameren Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,096 439,613American Electric Power Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,188 668,129CenterPoint Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,335 523,012Cheniere Energy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,107 583,340Cia de Saneamento Basico do Estado de Sao Paulo—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,058 58,268CLP Holdings Ltd.—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,258 530,941Consolidated Edison, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,210 689,737E.ON SE—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,585 66,969Empresa Distribuidora Y Comercializadora Norte—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,261 130,776Enagas SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,376 56,538Enel Americas SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,689 122,068Enel Chile SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,027 177,645Enel Generacion Chile SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,178 146,020Enel SpA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,033 162,591Engie SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,618 135,216Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,406 409,883Eversource Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,046 515,622Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,236 712,501FirstEnergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,950 224,694Great Plains Energy, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,945 464,797Hong Kong & China Gas Co. Ltd.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,760 204,543Korea Electric Power Corp.—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,341 200,649NorthWestern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,705 853,292Pampa Energia SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,853 117,350PG&E Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,594 353,127Pinnacle West Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,304 485,156PPL Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,066 460,291Red Electrica Corp SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,986 38,664Spire, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,835 870,213SSE PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,467 144,193Terna Rete Elettrica Nazionale SpA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,840 47,314Ultrapar Participacoes SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,924 161,052United Utilities Group PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,301 61,333Westar Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,998 438,473Xcel Energy, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,439 711,480

11,965,490

Waste Management and Remediation Services—0.38%Casella Waste Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,168 792,291Republic Sevices, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,538 1,111,022US Ecology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,690 830,001Veolia Environnement SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,159 101,064

2,834,378

Water Transportation—0.31%Carnival Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,384 1,497,714Carnival PLC—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,722 181,557Royal Caribbean Cruises Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,918 622,619

2,301,890


54


Shares Value

Wholesale Electronic Markets and Agents and Brokers—0.11%Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,972 $ 823,988

Total Common Stocks (Cost $597,742,865) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 721,995,194

Preferred Stocks—0.24%Air Transportation—0.01%Gol Linhas Aereas Inteligentes SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,165 72,069

Chemical Manufacturing—0.04%Braskem SA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,138 117,850Henkel AG & Co. KGaA—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,520 202,768

320,618

Credit Intermediation and Related Activities—0.06%Bancolombia SA—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,190 471,994

Machinery Manufacturing—0.02%FUCHS PETROLUB SE—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,801 152,402

Management of Companies and Enterprises—0.02%Azul SA—ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,097 126,106

Oil and Gas Extraction—0.04%Surgutneftegas OJSC—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,385 288,241

Transportation Equipment Manufacturing—0.05%Porsche Automobil Holding SE—ADR(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,925 140,985Volkswagen AG—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,728 222,876

363,861

Utilities—0.00%Cia Paranaense de Energia—ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,070 31,950

Total Preferred Stocks (Cost $1,634,100) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,827,241

Exchange-Traded Funds—0.49%iShares MSCI EAFE ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,370 588,160iShares Russell 1000 ETF(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,440 2,630,824Vanguard FTSE Emerging Markets ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,696 504,530

Total Exchange-Traded Funds (Cost $3,040,484) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,723,514

Real Estate Investment Trusts—1.77%Alexandria Real Estate Equities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,486 301,577American Homes 4 Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,196 310,801American Tower Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,584 638,689Armada Hoffler Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,370 253,360AvalonBay Communities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,622 253,064Camden Property Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,964 236,260CoreSite Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,607 244,667CubeSmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,929 212,576Digital Realty Trust, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,168 218,188Duke Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,601 336,897EastGroup Properties, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,540 529,936Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 868 340,343Equity LifeStyle Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,334 282,090Equity Residential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,404 247,637Essex Property Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,657 370,886Extra Space Storage, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,096 263,315First Industrial Realty Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,230 791,286Gramercy Property Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,466 702,889


55


Shares Value

Invitation Homes, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,516 $ 402,723Kimco Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,717 205,206Kite Realty Group Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,973 696,031Lamar Advertising Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,310 352,956LaSalle Hotel Properties(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,385 254,744Life Storage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,387 187,523Mack-Cali Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,315 528,910Mid-America Apartment Communities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,424 208,028Park Hotels & Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,261 266,683Pebblebrook Hotel Trust(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,960 678,840Prologis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,695 406,253Ramco-Gershenson Properties Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,700 762,166SBA Communications Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,357 370,685UDR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,128 306,883Ventas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,308 401,443Welltower, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,248 328,020Weyerhaeuser Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,195 462,221

Total Real Estate Investment Trusts (Cost $14,436,300) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,353,776

Investments Purchased with Proceeds from Securities Lending—18.06%Money Market Fund—18.06%Mount Vernon Liquid Assets Portfolio, LLC, 1.650%(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,128,080 136,128,080

Total Investments Purchased with Proceeds from Securities Lending(Cost $136,128,080) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,128,080

Short-Term Investments—1.54%Fidelity Institutional Government Portfolio, Class I, 1.260%(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,627,536 11,627,536

Total Short-Term Investments (Cost $11,627,536) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,627,536

Total Investments (Cost $764,609,365)—117.90% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 888,655,341Liabilities in Excess of Other Assets—(17.90)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (134,913,343)

Total Net Assets—100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 753,741,998

Percentages are stated as a percent of net assets.

(a) Non-income producing security.(b) Foreign issued security.(c) All or portion of this security is out on loan as of February 28, 2018. Total value of securities out on loan is $131,442,195.(d) The rate shown represents the 7-day yield at February 28, 2018.

AbbreviationsAB Aktiebolag is a Swedish term for a stock company.ADR American Depositary ReceiptAG Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by

shareholders.A/S An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability.ASA Allmennaksjeselskap is a Norwegian term for a stock company.KGaA Kommanditgesellschaft auf Aktien is a German term that refers to a Limited Partnership that has shares.NV Naamloze Vennootschap is a Dutch term for publicly traded companies.OYJ Julkinen osakeyhtio is a Finnish term for publicly-traded companies.PLC Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.SA An abbreviation used by many countries to signify a publicly traded company.SAB de CV Sociedad Anonima de Capital Variable is a Spanish term for an SA with variable capital.SpA Soicieta per Azioni is an Italian term for limited share company.


56

PMC FundsFebruary 28, 2018 (Unaudited)

Statements of Assets and Liabilities

Core FixedIncome Fund

DiversifiedEquity Fund

AssetsInvestments, at value(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $441,395,655 $888,655,341Foreign currencies(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,957 —Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,392,012 684,163Dividends and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,961,959 1,106,013Cash collateral held at broker for futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555,946 —Fund shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 923,289 1,612,885Securities lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,845 83,439

Due from broker for variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,586 —Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,551 20,114

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448,368,800 892,161,955

LiabilitiesPayables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,044,703 401,213Fund shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405,783 996,657Collateral on securities loaned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,881,159 136,128,080Affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,393 169,907Adviser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,482 538,340Distributor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,764 144,265

Due to broker for variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,475 —Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,762 41,495

Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,733,521 138,419,957

Net Assets $354,635,279 $753,741,998

Net assets consist of:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $360,502,448 $616,515,708Accumulated net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,047,403 (859,477)Accumulated net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,723,693) 14,039,791Net unrealized appreciation (depreciation) on:

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,239,442) 124,045,976Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,714 —Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (151) —

Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $354,635,279 $753,741,998

Shares of beneficial interest outstanding (unlimited shares of $0.001 par value authorized) . . 21,546,997 27,327,473Net asset value and redemption price per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16.46 $ 27.58

(1) Cost of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $445,635,097 $764,609,365(2) Includes loaned securities with a value of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 72,552,789 $131,442,195(3) Cost of Foreign Currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 47,145 $ —


57

PMC FundsFor the Period Ended February 28, 2018 (Unaudited)

Statements of Operations



Investment Income:Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,925,726 $ 73,366Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,974 368,395Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,143 4,735,226(1)

5,030,843 5,176,987

Expenses:Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,373,905 3,348,990Distribution fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429,345 888,379Transfer agent fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,730 159,301Fund accounting fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,630 108,982Fund administration fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,186 167,835Custody fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,198 69,998Audit and tax fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,096 17,028Federal and state registration fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,052 34,131Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,864 22,744Chief Compliance Officer fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,417 10,408Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,527 15,599Trustees’ fees and related expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,634 3,634Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,624 10,497

Total expenses before waiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,218,208 4,857,526Less waivers and reimbursements by Adviser (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (498,364) (60,243)

Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,719,844 4,797,283

Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,310,999 379,704

Realized and Unrealized Gain (Loss):Net realized gain (loss) on:

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (534,419) 22,366,862Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (393,124) —Purchased Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,440) —Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,492) (64)

(937,475) 22,366,798

Net change in unrealized appreciation (depreciation) on:Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,053,178) 38,811,260Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,531 —Purchased Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,288 —Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (541) (19)

(8,791,900) 38,811,241

Net gain (loss) on investments and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,729,375) 61,178,039

Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . . . . . . . . . . . . . . $(6,418,376) $61,557,743

(1) Net of $275,719 in foreign withholding tax and ADR issuance fees.


58

PMC Funds

Statements of Changes in Net Assets

Core Fixed Income Fund

Six MonthsEnded

February 28,2018

(Unaudited)

Year EndedAugust 31,

2017

Operations:Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,310,999 $ 4,686,856Net realized gain (loss) on investments, futures and foreign currency . . . . . . . . . . . . . . . . . . . . . (937,475) 329,905Net change in unrealized depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,791,900) (2,006,120)

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,418,376) 3,010,641

Dividends and distributions to shareholders:Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,777,783) (4,720,316)Net realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38,846) (1,607,789)

Total dividends and distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,816,629) (6,328,105)

Fund share transactions:Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,256,731 132,963,916Shares issued to holders in reinvestment of dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,644,210 6,028,846Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,456,387) (77,935,517)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,444,554 61,057,245

Net increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,209,549 57,739,781

Net Assets:Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332,425,730 274,685,949

End of period* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $354,635,279 $332,425,730

* Including accumulated net investment income of: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,047,403 $ 3,514,187

Change in shares outstanding:Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,338,485 7,895,129Shares issued to holders in reinvestment of dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337,977 370,095Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,632,294) (4,618,359)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,044,168 3,646,865


59

PMC Funds

Statements of Changes in Net Assets

Diversified Equity Fund

Six MonthsEnded

February 28,2018

(Unaudited)


2017

Operations:Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 379,704 $ 3,872,688Net realized gain on investments and foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,366,798 41,509,232Net change in unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,811,241 31,567,503

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,557,743 76,949,423

Dividends and distributions to shareholders:Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,425,545) (3,050,989)Net realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,051,083) (433,201)

Total dividends and distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39,476,628) (3,484,190)

Fund share transactions:Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,025,614 230,601,519Shares issued to holders in reinvestment of dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,754,852 3,301,398Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (59,309,362) (146,417,244)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,471,104 87,485,673

Net increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,552,219 160,950,906

Net Assets:Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,189,779 489,238,873

End of period* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $753,741,998 $ 650,189,779

* Including accumulated net investment income (loss) of: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (859,477) $ 3,186,364

Change in shares outstanding:Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,703,778 9,290,698Shares issued to holders in reinvestment of dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,383,469 137,044Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,125,401) (5,921,040)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,961,846 3,506,702


60

PMC CORE FIXED INCOME FUND

Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Year/Period

Six MonthsEnded

February 28,2018

(Unaudited)


2017


2016


2015


2014


2013

Net asset value, beginning of year/period . . . . $ 17.05 $ 17.32 $ 16.73 $ 17.12 $ 16.26 $ 17.19

Income from investment operations:Net investment income(1) . . . . . . . . . . . . . . . . . . 0.16 0.27 0.28 0.29 0.30 0.21Net realized and unrealized gain (loss) . . . . . . . (0.47) (0.14) 0.55 (0.36) 0.76 (0.64)

Total from investment operations . . . . . . . . . . . . . (0.31) 0.13 0.83 (0.07) 1.06 (0.43)

Less distributions paid:Dividends from net investment income . . . . . . . (0.28) (0.30) (0.23) (0.25) (0.20) (0.21)Distributions from net realized gains . . . . . . . . . 0.00(4) (0.10) (0.01) (0.07) — (0.29)

Total distributions paid . . . . . . . . . . . . . . . . . . . . . . (0.28) (0.40) (0.24) (0.32) (0.20) (0.50)

Net asset value, end of year/period . . . . . . . . . . $ 16.46 $ 17.05 $ 17.32 $ 16.73 $ 17.12 $ 16.26

Total return(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.78)% 0.78% 5.06% (0.42)% 6.58% (2.58)%

Ratios / supplemental dataNet assets, end of year/period (000’s) . . . . . . . . . $354,635 $332,426 $274,686 $217,234 $162,935 $143,162Ratio of expenses to average net assets before

waiver and reimbursements(3) . . . . . . . . . . . . . . 1.29% 1.34% 1.37% 1.39% 1.42% 1.41%Ratio of expenses to average net assets after

waiver and reimbursements(3) . . . . . . . . . . . . . . 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%Ratio of net investment income to average net

assets before waiver and reimbursements(3) . . 1.64% 1.29% 1.30% 1.31% 1.37% 0.84%Ratio of net investment income to average net

assets after waiver and reimbursements(3) . . . . 1.93% 1.63% 1.67% 1.70% 1.79% 1.25%Portfolio turnover rate(2) . . . . . . . . . . . . . . . . . . . . . 88.7% 199.9% 100.4% 131.9% 245.1% 233.8%

(1) Per share net investment income was calculated using average shares outstanding.(2) Not annualized for periods less than one year.(3) Annualized for periods less than one year.(4) Rounds to less than 0.5 cent per share.


61

PMC DIVERSIFIED EQUITY FUND

Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Year/Period

Six MonthsEnded

February 28,2018

(Unaudited)


2017


2016


2015


2014


2013

Net asset value, beginning of year/period . . . . $ 26.68 $ 23.45 $ 23.25 $ 25.36 $ 21.74 $ 18.66

Income (loss) from investment operations:Net investment income(1) . . . . . . . . . . . . . . . . . . . 0.01 0.17 0.14 0.16 0.15 0.15Net realized and unrealized gain (loss) . . . . . . . 2.44 3.22 0.95 (1.23) 4.23 3.15

Total from investment operations . . . . . . . . . . . . . 2.45 3.39 1.09 (1.07) 4.38 3.30

Less distributions paid:Dividends from net investment income . . . . . . . (0.17) (0.14) (0.09) (0.12) (0.08) (0.11)Distributions from net realized gains . . . . . . . . . (1.38) (0.02) (0.80) (0.92) (0.68) (0.11)

Total distributions paid . . . . . . . . . . . . . . . . . . . . . . (1.55) (0.16) (0.89) (1.04) (0.76) (0.22)

Net asset value, end of year/period . . . . . . . . . . $ 27.58 $ 26.68 $ 23.45 $ 23.25 $ 25.36 $ 21.74

Total return(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.26% 14.54% 4.87% (4.41)% 20.40% 17.83%

Ratios / supplemental dataNet assets, end of year/period (000’s) . . . . . . . . . . $753,742 $650,190 $489,239 $329,187 $249,622 $186,036Ratio of expenses to average net assets before

waiver and reimbursements(3) . . . . . . . . . . . . . . . 1.37% 1.41% 1.45% 1.45% 1.47% 1.54%Ratio of expenses to average net assets after

waiver and reimbursements(3) . . . . . . . . . . . . . . . 1.35% 1.36%(4) 1.40% 1.40% 1.40% 1.40%Ratio of net investment income to average net

assets before waiver and reimbursements(3) . . . 0.09% 0.64% 0.57% 0.62% 0.56% 0.56%Ratio of net investment income to average net

assets after waiver and reimbursements(3) . . . . 0.11% 0.69% 0.62% 0.67% 0.63% 0.70%Portfolio turnover rate(2) . . . . . . . . . . . . . . . . . . . . . . 36.1% 139.4% 48.8% 66.7% 30.4% 39.0%

(1) Per share net investment income was calculated using average shares outstanding.(2) Not annualized for periods less than one year.(3) Annualized for periods less than one year.(4) Effective November 1, 2016 the expense limitation cap was reduced from 1.40% to 1.35%.


62

PMC FUNDS

Notes to Financial StatementsFebruary 28, 2018 (Unaudited)

(1) Organization

Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declarationof Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended(the “1940 Act”), as an open-end management investment company. Each of the PMC Funds (each, a “Fund”and together, the “Funds”) represents a distinct series with its own investment objectives and policies withinthe Trust. The investment objective of the PMC Core Fixed Income Fund (the “Core Fixed Income Fund”) is toprovide current income consistent with low volatility of principal. The investment objective of the PMCDiversified Equity Fund (the “Diversified Equity Fund”) is long-term capital appreciation. The Trust may issuean unlimited number of shares of beneficial interest at $0.001 par value. The Core Fixed Income Fundbecame effective and commenced operations on September 28, 2007. The Diversified Equity Fund becameeffective and commenced operations on August 26, 2009.

The Funds are investment companies and accordingly follow the investment company accounting andreporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard CodificationTopic 946 “Financial Services-Investment Companies”.

(2) Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in thepreparation of the financial statements. These policies are in conformity with accounting principles generallyaccepted in the United States of America (“GAAP”).

(a) Investment Valuation

Each security owned by the Funds that is listed on a securities exchange is valued at its last sale price on thatexchange on the date as of which assets are valued. If the security is listed on more than one exchange, theFunds will use the price of the exchange that the Funds generally consider to be the principal exchange onwhich the stock is traded.

Fund securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”) will be valued at the NASDAQ OfficialClosing Price, which may not necessarily represent the last sale price. If there has been no sale on suchexchange or on NASDAQ on such day, the security is valued at the mean between the bid and asked priceson such day or at the latest sale price on the Composite Market (defined as the consolidation of the tradeinformation provided by national securities and foreign exchanges and over-the-counter markets as publishedby an approved pricing service (“Pricing Service”)).

Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at themean in accordance with prices supplied by an approved Pricing Service. Pricing Services may use variousvaluation methodologies such as the mean between the bid and the asked prices, matrix pricing and otheranalytical pricing models as well as market transactions and dealer quotations. If a price is not available froma Pricing Service, the most recent quotation obtained from one or more broker-dealers know to follow theissue will be obtained. Quotations will be valued at the mean between the bid and the offer. Any discount orpremium is accreted or amortized using the constant yield method over the life of the security.

Money market funds, demand notes and repurchase agreements are valued at cost. If cost does notrepresent current market value the securities will be priced at fair value.

Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of suchcompanies for purchase and/or redemption orders placed on that day. All exchange-traded funds are valuedat the last reported sale price on the exchange on which the security is principally traded.

63

PMC FUNDS

Notes to Financial Statements, continuedFebruary 28, 2018 (Unaudited)

Futures contracts are valued at the last settlement price at the close of trading on the relevant exchange orboard of trade. Futures contracts for which reliable market quotations are not readily available shall each bevalued at a price, supplied by a Pricing Service approved by the Trust’s Board of Trustees (the “Board”) whichis in the opinion of such Pricing Service representative of the market value of such positions at the time ofdetermination of the NAV, it being the opinion of the Board that the valuations supplied by such Pricing Serviceaccurately reflect the fair value of such position.

Forward foreign currency contracts are valued at the mean between the bid and asked prices.

If market quotations are not readily available, any security or other financial instrument is valued at its fair valueas determined under fair value pricing procedures approved by the Board. These fair value procedures willalso be used to price a security when corporate events, events in the securities market and/or world eventscause the Adviser to believe that a security’s last sale price may not reflect its actual market value. Theintended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. TheBoard will regularly evaluate whether the Funds’ fair value pricing procedures continue to be appropriate inlight of the specific circumstances of each Fund and the quality of prices obtained through application of suchprocedures by the Trust’s valuation committee.

The Funds have adopted Statement of Financial Accounting Standard, “Fair Value Measurements andDisclosures” (“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value when the Volumeand Level of Activity for the Asset or Liability Have Significantly Decreased and Identified Transactions thatare not Orderly” (“Determining Fair Value”). Determining Fair Value clarifies Fair Value Measurements andrequires an entity to evaluate certain factors to determine whether there has been a significant decrease involume and level of activity for the security such that recent transactions and quoted prices may not bedeterminative of fair value and further analysis and adjustment may be necessary to estimate fair value.Determining Fair Value also requires enhanced disclosure regarding the inputs and valuation techniques usedto measure fair value in those instances as well as expanded disclosure of valuation levels for major securitytypes. Fair Value Measurements requires the Funds to classify their securities based on valuation method.These inputs are summarized in the three broad levels listed below:

• Level 1—Quoted prices in active markets for identical securities.• Level 2—Other significant observable inputs (including quoted prices for similar securities, interest

rates, prepayment speeds, credit risk, etc.).• Level 3—Significant unobservable inputs (including the Funds’ own assumptions in determining the

fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associatedwith investing in those securities. The following is a summary of the inputs used to value the Funds’investments carried at fair value as of February 28, 2018:


Level 1 Level 2 Level 3 Total

Fixed Income SecuritiesAsset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 43,708,280 $ — $ 43,708,280Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 79,631,925 — 79,631,925Foreign Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . — 28,979,451 — 28,979,451Foreign Government Agency Issues . . . . . . . . . . . . . . . . . — 3,035,813 — 3,035,813Foreign Government Notes/Bonds . . . . . . . . . . . . . . . . . . — 18,464,604 — 18,464,604Mortgage Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . — 91,433,986 — 91,433,986Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,058,270 — 1,058,270U.S. Government Agency Issues . . . . . . . . . . . . . . . . . . . . — 1,050,415 — 1,050,415

64

PMC FUNDS


Level 1 Level 2 Level 3 Total

U.S. Government Notes/Bonds . . . . . . . . . . . . . . . . . . . . . $ — $ 90,973,254 $ — $ 90,973,254

Total Fixed Income Securities . . . . . . . . . . . . . . . . . . . . — 358,335,998 — 358,335,998Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . 3,980,890 — — 3,980,890Investments Purchased with Proceeds fromSecurities Lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,881,159 — — 73,881,159Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,197,608 — — 5,197,608

Total Investments in Securities . . . . . . . . . . . . . . . . . . . $83,059,657 $358,335,998 $ — $441,395,655

Other Financial Instruments(1)

Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 48,714 $ — $ — $ 48,714

Total Other Financial Instruments . . . . . . . . . . . . . . . . . $ 48,714 $ — $ — $ 48,714

(1) Other financial instruments are futures contracts reflected in the Schedule of Open Futures Contracts. Theamounts reflect the net unrealized appreciation (depreciation) on the contracts held.

The Fund did not have any level transfers within the period. It is the Fund’s policy to record transfers betweenlevels as of the end of the reporting period.

Diversified Equity Fund

Level 1(1) Level 2(1) Level 3 Total

EquityCommon Stocks* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $721,853,158 $ 142,036 $ — $721,995,194Preferred Stocks* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,827,241 — — 1,827,241Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . 3,723,514 — — 3,723,514Real Estate Investment Trusts . . . . . . . . . . . . . . . . . . . . 13,353,776 — — 13,353,776

Total Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740,757,689 142,036 — 740,899,725Investments Purchased with Proceeds fromSecurities Lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,128,080 — — 136,128,080Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 11,627,536 — — 11,627,536

Total Investments in Securities . . . . . . . . . . . . . . . . . $888,513,305 $ 142,036 $ — $888,655,341

* For further information regarding security characteristics, please see the Schedule of Investments.

Transfers between levels are recognized as of the end of the financial reporting period. The following transferswere recorded this period.

Transfers into Level 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 694,624

Net transfers in and/or out of Level 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 694,624

Transfers out of Level 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(694,624)

Net transfers in and/or out of Level 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(694,624)

(1) Transfers into Level 1 and out of Level 2 resulted when pricing was based on quoted market prices.

The Funds did not hold any Level 3 securities during the six months ended February 28, 2018.

In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but priorto the time a Fund’s NAV is calculated (such as a significant surge or decline in the U.S. or other markets)could result in an adjustment to the trading prices of foreign securities when foreign markets open on thefollowing business day. To the extent that such events are significant, foreign securities will be priced in their

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local currencies as of the close of their primary exchange market or as of the valuation time or valuation date,whichever is earlier. Foreign securities, currencies and other assets denominated in foreign currencies aretranslated to U.S. dollars at the exchange rate of such currencies against the U.S. dollar using the applicablecurrency exchange rate as of the close of the New York Stock Exchange (“NYSE”), generally at 4:00 P.M.,Eastern time. The Adviser anticipates that a Fund’s portfolio holdings will be fair valued only if marketquotations for those holdings are considered unreliable.

The Funds may use certain options, futures and forward foreign currency contracts (collectively, “derivativeinstruments”) as a substitute for a comparable market position in the underlying security, to attempt to hedgeor limit the exposure of a Fund’s position, to create a synthetic money market position, for certain tax-relatedpurposes and to effect closing transactions.

Options and futures prices can diverge from the prices of their underlying instruments. Options and futuresprices are affected by such factors as current and anticipated short-term interest rates, changes in volatility ofthe underlying instrument and the time remaining until expiration of the contract, which may not affect securityprices the same way. Imperfect or no correlation also may result from differing levels of demand in the optionsand futures markets and the securities markets, from structural differences in how options and futures andsecurities are traded and from imposition of daily price fluctuation limits or trading halts.

The Diversified Equity Fund did not hold derivative instruments during the six months ended February 28, 2018.


Asset Derivatives Liability Derivatives

Derivatives not accounted foras hedging instruments

Statement of Assets &Liabilities Location Value

Statement of Assets &Liabilities Location Value

Interest Rate Contracts—Futures . . . . . . . . . . Net Assets—Unrealizedappreciation* $184,916

Net Assets—Unrealizeddepreciation* $136,202

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $184,916 $136,202

* Reflects cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of OpenFutures Contracts. Only the current days variation margin is reflected in the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended February 28,2018:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted foras hedging instruments Futures Contracts

PurchasedOptions Total

Interest Rate Contracts . . . . . . . . . $(393,124) $ (7,440) $(400,564)

Total . . . . . . . . . . . . . . . . . . . . . . . . . $(393,124) $ (7,440) $(400,564)

Change in Unrealized Appreciation or (Depreciation) onDerivatives Recognized in Income

Derivatives not accounted foras hedging instruments Futures Contracts

PurchasedOptions Total

Interest Rate Contracts . . . . . . . . . $ 251,531 $10,288 $ 261,819

Total . . . . . . . . . . . . . . . . . . . . . . . . . $ 251,531 $10,288 $ 261,819

The Funds are not subject to any Master Netting Agreements, therefore the Funds do not offset any assets orliabilities.

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(b) Foreign Securities and Currency

Investment securities and other assets and liabilities denominated in foreign currencies are translated intoU.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income andexpense items denominated in foreign currencies are translated into U.S. dollar amounts on the respectivedates of such transactions.

The Funds isolate the portion of the results of operations from changes in foreign exchange rates oninvestments from those resulting from changes in market prices of securities held. Reported net realizedforeign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-termsecurities, sales of foreign currencies, currency gains or losses realized between the trade and settlementdates on securities transactions, and the difference between the amounts of dividends, interest and foreignwithholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actuallyreceived or paid. Net unrealized foreign exchange gains and losses arise from changes in the values ofassets and liabilities, including investments in securities at fiscal period end, resulting from changes in theexchange rate.

Investments in foreign securities entail certain risks. There may be a possibility of nationalization orexpropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments thatcould affect the value of the Funds’ investments in certain foreign countries. Since foreign securities normallyare denominated and traded in foreign currencies, the value of the Funds’ assets may be affected favorably orunfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes,and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publiclyavailable about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject toaccounting, auditing, and financial reporting standards and practices comparable to those in theUnited States. The securities of some foreign issuers are less liquid and at times more volatile than securitiesof comparable U.S. issuers.

(c) Futures

The Funds may enter into futures contracts traded on domestic exchanges, including stock index futurescontracts. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin asrequired by the exchange on which the transaction is effected. Pursuant to the contract, the Funds agree toreceive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract.Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gainsand losses. When the contract is closed, the Funds record a realized gain or loss equal to the differencebetween the value of the contract at the time it was opened and the value at the time it was closed. A stockindex futures contract does not involve the physical delivery of the underlying stocks in the index. As collateralfor futures contracts, the Funds are required under the 1940 Act to maintain assets consisting of cash, cashequivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of thepurchase obligation for long futures contracts or the market value of the instrument underlying the contract,but not less than the market price at which the futures contract was established, for short futures contracts. AtFebruary 28, 2018, the Core Fixed Income Fund had cash and equivalents deposited as collateral with thebroker for futures contracts of $555,946. The average monthly notional amount of futures contracts during theperiod was as follows:

Long Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,355,580Short Futures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,401,109

The risks inherent in the use of futures contracts include 1) adverse changes in the value of such instrumentsand 2) the possible absence of a liquid secondary market for any particular instrument at any time. Futurescontracts also expose the Funds to counterparty credit risk. The Funds will not enter into these contracts

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unless they own either 1) an offsetting position in the securities or 2) the position provides cash and liquidassets with a value marked-to-market daily, sufficient to cover the counter-party’s potential obligations.

(d) Forward Foreign Currency Contracts

The Core Fixed Income Fund might purchase a particular currency or enter into a forward foreign currencycontract to preserve the U.S. dollar price of securities it intends to or has contracted to purchase.Alternatively, it might sell a particular currency on either a spot or forward basis to hedge against ananticipated decline in the dollar value of securities it intends to or has contracted to sell. Although thisstrategy could minimize the risk of loss due to a decline in the value of the hedged currency, it could alsolimit any potential gain from an increase in the value of the currency. When entering into a forward foreigncurrency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price at a future date. The market value of the contract fluctuates with changes in currency exchangerates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as anunrealized gain or loss. The Fund records a realized gain or loss equal to the difference between the valueof the contract at the time it was opened and the value at the time it was closed. The risks inherent in theuse of currency forward exchange contracts include adverse changes in the value of such instruments andexposure to counterparty credit risk. Forward contracts are subject to the risks that the counterparty to suchcontract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteedby an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits,transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or salecommitments, if any, at the current market price. The Fund did not enter into any forward foreign currencycontracts during the six months ended February 28, 2018.

(e) Options

The Core Fixed Income Fund may enter into written call options to hedge against changes in the value ofequities. The writing of call options is intended to reduce the volatility of the portfolio and to earn premiumincome. Written call options expose the Fund to minimal counterparty credit risk since they are exchangetraded and the exchange’s clearing house guarantees the options against default. The Fund may alsopurchase put options to provide protection against adverse price effects from anticipated changes in prices ofsecurities. In addition, the Fund may enter into written put options to hedge against changes in the value ofpurchased put options.

The Fund may purchase and write call and put options on securities and indices and enter into related closingtransactions.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as aliability and is subsequently adjusted to the current fair value of the option written. Premiums received fromwriting options that expire unexercised are treated by the Fund on the expiration date as realized gains fromoptions written. The difference between the premium and the amount paid on effecting a closing purchasetransaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is lessthan the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, thepremium is added to the proceeds from the sale of the underlying security or currency in determining whetherthe Fund has realized a gain or a loss. If a put option is exercised, the premium is deducted from the costbasis of the security purchased. The Fund, as writer of an option, bears the market risk of an unfavorablechange in the price of the security underlying the written option.

When purchasing options, the Fund will recognize a realized loss equal to the premium paid to purchase theoption, if the option expires unexercised. The difference between the proceeds received on effecting a closingsale transaction and the premium paid will be recognized as a realized gain or loss. If a put option is

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exercised, the premium paid is deducted from the proceeds on the sale of the underlying security indetermining whether the Fund has a realized gain or loss.

(f) Security Loans

When the Funds loan securities held in their portfolios, the Funds receive compensation in the form of fees, orretain a portion of the interest on the investment of any cash received as collateral. The loans are secured bycollateral at least equal to: (i) 105% of the market value of the loaned securities that are foreign securities, or102% of the market value of any other loaned securities, at the time the securities are loaned; and (ii) 100% ofthe market value of the loaned securities at all times. Gain or loss in the value of securities loaned that mayoccur during the term of the loan will be for the account of the Funds. The Funds have the right under thelending agreement to recover the securities from the borrower on demand.

(g) Federal Income Taxes

The Funds comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, asamended, necessary to qualify as a regulated investment company and make the requisite distributions ofincome and capital gains to their shareholders sufficient to relieve them from all or substantially all federalincome taxes. Therefore, no federal income tax provision has been provided.

(h) Distributions to Shareholders

The Funds will distribute net investment income and net realized long- or short-term capital gains at leastannually. Distributions from net realized gains for book purposes may include short-term capital gains. Allshort-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders arerecorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendaryear to comply with federal tax requirements.

(i) Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts of revenues and expenses duringthe reporting period. Actual results could differ from those estimates.

(j) Share Valuation

The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, pluscash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of sharesoutstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on whichthe NYSE is closed for trading. The Funds no longer charge a redemption fee, therefore the offering andredemption price per share are equal to a Fund’s net asset value per share.

(k) Expenses

Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses are typicallyallocated evenly between the funds of the Trust or other equitable means.

(l) Other

Investment transactions are recorded on the trade date. The Funds determine the gain or loss frominvestment transactions on the identified cost basis by comparing the original cost of the security lot sold with

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the net sale proceeds. Dividend income is recognized on the ex-dividend date, and interest income isrecognized on an accrual basis.

(3) Federal Tax Matters

The tax character of distributions paid to shareholders were as follows:

Core Fixed Income FundOrdinaryIncome

Long-TermCapital Gains

Year Ended August 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,192,595 $ 1,135,510Year Ended August 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,424,298 —

Diversified Equity FundOrdinaryIncome

Long-TermCapital Gains

Year Ended August 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,050,989 $ 433,201Year Ended August 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,429,324 $12,872,186

As of August 31, 2017, the components of accumulated earnings (losses) for income tax purposes were asfollows:

Core FixedIncomeFund


Cost basis of investments for federal income tax purposes . . . . . . . . . . . . . . . . . . . . . . $341,045,728 $564,227,012

Gross tax unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,114,744 $ 99,315,550Gross tax unrealized depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,632,539) (16,481,472)

Net tax unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,482,205 $ 82,834,078

Undistributed ordinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,548,775 $ 8,855,467Undistributed long-term capital gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,399 23,527,127

Total distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,553,174 $ 32,382,594Other accumulated loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,667,543) (71,497)

Total accumulated earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,367,836 $115,145,175

The difference between book-basis and tax-basis cost is attributable primarily to the tax deferral of losses onwash sale adjustments.

At August 31, 2017, the Core Fixed Income Fund deferred, on a tax basis, post-October losses of $1,667,228.

Additionally, GAAP requires that certain components of net assets relating to permanent differences bereclassified between financial and tax reporting. These reclassifications have no effect on net assets or net assetvalue per share. For the year ended August 31, 2017, the following table shows the reclassifications made:

Core FixedIncomeFund

DiversifiedEquityFund

Undistributed Net Investment Income (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 350,691 $(85,601)Accumulated Net Realized Gain (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(325,394) $ 85,601Paid In Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (25,297) $ —

The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized taxbenefits as of August 31, 2017. Also, the Funds had recognized no interest and penalties related to uncertaintax benefits in fiscal year 2017. At August 31, 2017, the fiscal years 2014 through 2017 remain open toexamination in the Funds’ major tax jurisdictions.

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(4) Investment Adviser

The Trust has entered into an Investment Advisory Agreement (the “Agreement”), on behalf of the Funds,with the Adviser to furnish investment advisory services to the Funds. Under terms of the Agreement, theTrust, on behalf of the Funds, compensates the Adviser for its management services at the annual rate of0.95% for the Diversified Equity Fund and 0.80% for the Core Fixed Income Fund of each Fund’s averagedaily net assets.

The Adviser has contractually agreed to waive its management fees and/or reimburse a Fund’s otherexpenses at least through December 29, 2018 to the extent necessary to ensure that the Fund’s total annualoperating expenses (excluding front-end or contingent deferred sales loads, Rule 12b-1 plan fees,shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions, expenses incurred inconnections with any merger or reorganizations, acquired fund fees and expenses, or extraordinary expensessuch as litigation) do not exceed 0.75% for the Core Fixed Income Fund and 1.10% for Diversified EquityFund (the “Expense Limitation Cap”) of each Fund’s average daily net assets.

Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amountswaived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser of:(1) the Expense Limitation Cap in place at the time of the waiver or reimbursement or (2) the ExpenseLimitation Cap in place at the time of recoupment; provided, however, that the Adviser shall only be entitled torecoup such amounts over the following three year period from the date of the waiver or reimbursement.

The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by:



August 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $412,645 $ 90,641August 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $917,343 $219,834August 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $967,003 $302,297February 28, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $498,364 $ 60,243

Sub-advisory services are provided to the Funds, pursuant to agreements between the Adviser and the belowlisted sub-advisers. Under the terms of these sub-advisory agreements, the Adviser compensates the sub-advisers based on each Fund’s average daily net assets.

Core Fixed Income FundNeuberger Berman Investment Advisers LLCSchroder Investment Management North America Inc.

Diversified Equity FundDelaware Investments Fund AdvisersEpoch Investment Partners, Inc.Mellon Capital Management CorporationBoston Partners Global Investors, Inc.

(5) Distribution Plan

The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), onbehalf of the Funds, which authorizes the Trust to pay Foreside Fund Services, LLC (the “Distributor”), theFunds’ principal distributor, a distribution fee of 0.25% of the Funds’ average daily net assets. During thesix months ended February 28, 2018, the Funds incurred fees pursuant to the 12b-1 Plan as follows:

Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $429,345Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $888,379

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PMC FUNDS


(6) Related Party Transactions

U.S. Bancorp Fund Services, LLC (“USBFS” or the “Administrator”) acts as the Funds’ Administrator under anAdministration Agreement. The Administrator prepares various federal and state regulatory filings, reports andreturns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities ofthe Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’expenses and reviews the Funds’ expense accruals. Fees incurred for the six months ended February 28,2018, and owed as of February 28, 2018 are as follows:

Incurred Owed

Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 83,186 $22,942Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $167,835 $46,745

USBFS also serves as the fund accountant and transfer agent to the Funds. U.S. Bank, N.A. (“US Bank), anaffiliate of USBFS, serves as each Fund’s custodian. Fees incurred for the six months ended February 28,2018, and owed as of February 28, 2018 are as follows:

Fund Accounting Incurred Owed

Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 92,630 $27,623Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $108,982 $33,497

Transfer Agency Incurred Owed

Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $119,730 $37,039Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $159,301 $50,490

Custody Incurred Owed

Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $42,198 $13,043Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $69,998 $35,771

The Funds each have a line of credit with US Bank (see Note 8).

Certain officers of the Funds are also employees of USBFS. A Trustee of the Trust is affiliated with USBFS and US Bank.

The Trust’s Chief Compliance Officer is also an employee of USBFS. Each Fund’s allocation of the Trust’s Chief ComplianceOfficer fee incurred for the six months ended February 28, 2018, and owed as of February 28, 2018 is as follows:

Incurred Owed

Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,147 $2,746Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,408 $3,404

(7) Investment Transactions

Purchases and sales of investment securities (excluding short-term instruments) for the six months endedFebruary 28, 2018 are summarized below.



Purchases:U.S. Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $219,217,588 $ —Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,776,946 303,229,758

Total Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $342,994,534 $303,229,758Sales

U.S. Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $216,423,215 $ —Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,441,912 253,994,454

Total Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $298,865,127 $253,994,454

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(8) Line of Credit

At February 28, 2018, the Core Fixed Income Fund and Diversified Equity Fund had secured lines of credit inthe lessor amount of $20,000,000 and $35,000,000, respectively, or 33.33% of the fair value ofunencumbered assets of each Fund, as defined, which both mature August 10, 2018. These secured lines ofcredit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connectionwith shareholder redemptions. The Funds’ securities serve as collateral for the lines of credit. The creditfacility is with the Funds’ custodian, US Bank. Interest was scheduled to be incurred at the bank’s prime rateof 4.25% from September 1, 2017 through December 13, 2017, and 4.50% thereafter. The following tableprovides information regarding usage of the line of credit for the six months ended February 28, 2018 for theDiversified Equity Fund. The Core Fixed Income Fund did not borrow on the line of credit during the sixmonths ended February 28, 2018. The Funds did not have an outstanding balance on either line of credit asof February 28, 2018.

DaysUtilitized

AverageAmount ofBorrowing

InterestExpense*

MaximumAmount ofBorrowing

Date ofMaximumBorrowing

Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . 1 $214,000 $25 $214,000 9/28/2017

* Interest expense is reported within Other Expenses on the Statements of Operations.

(9) Securities Lending

Following terms of a securities lending agreement with the Funds’ custodian, the Funds may lend securitiesfrom its portfolio to brokers, dealers and financial institutions in order to increase the return on its portfolio,primarily through the receipt of borrowing fees and earnings on invested collateral. Any such loan must becontinuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount atleast equal to the market value of the securities loaned by a Fund. During the time securities are on loan, theborrower will pay the applicable Fund any accrued income on those securities, and the Fund may invest thecash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral. In determining whether or not to lend a security to a particular broker, dealer or financialinstitution, the Advisor considers all relevant facts and circumstances, including the size, creditworthiness andreputation of the broker, dealer or financial institution.

Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fundcould experience delays in recovering securities or collateral or could lose all or part of the value of the loanedsecurities. A Fund also could lose money in the event of a decline in the value of the collateral provided forloaned securities. Additionally, the loaned portfolio securities may not be available to a Fund on a timely basisand that Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in thevalue of a security that occurs while the security is out on loan would continue to be borne by the applicableFund.

As of February 28, 2018, the market value of the securities on loan and value of collateral received forsecurities lending were as follows:

Loaned SecuritiesMarket Value Value of Cash Collateral % of Net Assets

PMC Core Fixed Income Fund . . . . . . . . . . . . . $ 72,552,789 $ 73,881,159 20.46%PMC Diversified Equity Fund . . . . . . . . . . . . . . $131,442,195 $136,128,080 17.44%

The Funds receive cash as collateral in return for securities lent as part of the securities lending program. Thecollateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC (a money market fund subject to Rule2a-7 under the 1940 Act). The Schedule of Investments for the Funds include the particular cash collateral

73

PMC FUNDS

Notes to Financial Statements, continuedFebruary 28, 2018

holding as of February 28, 2018. The remaining contractual maturity of all securities lending transactions isovernight and continuous.

The Funds are not subject to a master netting agreement with respect to securities lending; therefore noadditional disclosures are required.

The fee and interest income earned by the Funds on investments of cash collateral received from borrowersfor the securities loaned to them are reflected in the Funds’ Statements of Operations.

(10) Subsequent Events

Effective on or about May 25, 2018, the sub-advisory agreements between the Adviser, and each of BostonPartners Global Investors, Inc., Delaware Investments Fund Advisers, Mellon Capital ManagementCorporation and Epoch Investment Partners, Inc. (together, the “Diversified Equity Fund Sub-Advisers”), willbe terminated, and thereby eliminate the PMC Diversified Equity Fund’s “manager of managers” investmentstrategy approach. Upon effectiveness of the termination of the Diversified Equity Fund Sub-Advisers, theAdviser intends to actively manage the PMC Diversified Equity Fund’s entire investment portfolio.

(11) Regulatory Updates ASU No. 2017-08

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update(ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): PremiumAmortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortizationperiod for certain callable debt securities, held at a premium, to be amortized to the earliest call date. TheASU does not require an accounting change for securities held at a discount; which continues to be amortizedto maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning afterDecember 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

74

Notice of Privacy Policy & Practices

We collect non-public personal information about you from the following sources:

• information we receive about you on applications or other forms;• information you give us orally; and• information about your transactions with us or others.

We do not disclose any non-public personal information about our shareholders or former shareholders without theshareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities.We may share information with affiliated parties and unaffiliated third parties with whom we have contracts forservicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out theirassigned responsibility. All shareholder records will be disposed of in accordance with applicable law. We maintainphysical, electronic and procedural safeguards to protect your non-public personal information and require thirdparties to treat your non-public personal information with the same high degree of confidentiality.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, abroker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

75

PMC FUNDS

Additional Information(Unaudited)

Tax Information

For the fiscal year ended August 31, 2017, certain dividends paid by the Funds may be subject to a maximum taxrate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage ofdividends declared from ordinary income designated as qualified dividend income was as follows:

Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00%Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividendsreceived deduction for the fiscal year ended August 31, 2017 was as follows:

Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00%Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85.83%

For the fiscal year ended August 31, 2017, taxable ordinary income distributions are designated as short-termcapital gain distributions under Internal Revenue Code Section 871(k)(2)(c) for the Funds as follows:

Core Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.10%Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00%

Indemnification

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilitiesarising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Fundsenter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure underthese arrangements is unknown as this would involve future claims that may be made against the Funds that havenot yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expectthe risk of loss to be remote.

Information about Trustees

The business and affairs of the Trust are managed under the direction of the Trust’s Board of Trustees.Information pertaining to the Trustees of the Trust is set forth below. The Funds’ Statement of AdditionalInformation includes additional information about the Trust’s Trustees and is available, without charge, uponrequest by calling (866) PMC-7338.

76

PMC FundsAdditional Information (Continued)(Unaudited)

Independent Trustees

Name, Address andYear of Birth

Position(s)Held withthe Trust

Term ofOffice andLength of

Time Served

Number ofPortfoliosin Trust

Overseenby Trustee

Principal Occupation(s)During the Past

Five Years

Other DirectorshipsHeld by Trustee During

the Past Five Years

Michael D. Akers, Ph.D.615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1955

Trustee IndefiniteTerm; SinceAugust 22,2001

30 Professor, Department ofAccounting, MarquetteUniversity (2004-present);Chair, Department ofAccounting, MarquetteUniversity (2004-2017).

Independent Trustee, USAMUTUALS (an open-endinvestment company withthree portfolios).

Gary A. Drska615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1956

Trustee IndefiniteTerm; SinceAugust 22,2001

30 Pilot, Frontier/MidwestAirlines, Inc. (airlinecompany) (1986-present).

Independent Trustee, USAMUTUALS (an open-endinvestment company withthree portfolios).

Jonas B. Siegel615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1943

Trustee IndefiniteTerm; SinceOctober 23,2009

30 Retired (2011-present);Managing Director, ChiefAdministrative Officer(“CAO”) and ChiefCompliance Officer(“CCO”), Granite CapitalInternational Group, L.P.(an investmentmanagement firm) (1994-2011).

Independent Trustee,Gottex Trust (an open-endinvestment company withone portfolio) (2010-2016);Independent Manager,Ramius IDF fund complex(two closed-end investmentcompanies) (2010-2015);Independent Trustee,Gottex Multi-AssetEndowment fund complex(three closed-endinvestment companies)(2010-2015); IndependentTrustee, Gottex Multi-Alternatives fund complex(three closed-endinvestment companies)(2010-2015).

Interested Trustee and Officers

Joseph C. Neuberger*615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1962

Chairpersonand Trustee

IndefiniteTerm; SinceAugust 22,2001

30 President (2017-present);Chief Operating Officer(2016-present); ExecutiveVice President, U.S.Bancorp Fund Services,LLC (1994-2017).

Trustee, USA MUTUALS(an open-end investmentcompany with threeportfolios); Trustee, BuffaloFunds (an open-endinvestment company withten portfolios) (2003-2017).

John P. Buckel615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1957

Presidentand PrincipalExecutiveOfficer

IndefiniteTerm; SinceJanuary 24,2013

N/A Vice President, U.S.Bancorp Fund Services,LLC (2004-present).

N/A

Jennifer A. Lima615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1974

VicePresident,Treasurerand PrincipalFinancial andAccountingOfficer


N/A Vice President, U.S.Bancorp Fund Services,LLC (2002-present).

N/A

77

PMC FundsAdditional Information (Continued)(Unaudited)

Name, Address andYear of Birth

Position(s)Held withthe Trust

Term ofOffice andLength of

Time Served

Number ofPortfoliosin Trust

Overseenby Trustee

Principal Occupation(s)During the Past

Five Years

Other DirectorshipsHeld by Trustee During

the Past Five Years

Elizabeth B. Scalf615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1985

ChiefComplianceOfficer, VicePresidentand Anti-MoneyLaunderingOfficer

IndefiniteTerm; SinceJuly 1, 2017

N/A Senior Vice President, U.S.Bancorp Fund Services,LLC (February 2017-present); Vice Presidentand Assistant CCO,Heartland Advisors, Inc.(December 2016-January2017); Vice President andCCO, Heartland Group,Inc. (May 2016-November2016); Vice President,CCO and Senior LegalCounsel (May 2016-November 2016), AssistantCCO and Senior LegalCounsel (January 2016-April 2016), Senior Legaland Compliance Counsel(2013-2015), HeartlandAdvisors, Inc.

N/A

Adam W. Smith615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1981

Secretary IndefiniteTerm; SinceMay 29, 2015

N/A Assistant Vice President,U.S. Bancorp FundServices, LLC (2012-present).

N/A

Cullen O. Small615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1987

AssistantTreasurer



N/A

Kelly A. Burns615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1987

AssistantTreasurer

IndefiniteTerm; SinceApril 23, 2015


N/A

Melissa Aguinaga615 E. Michigan St.Milwaukee, WI 53202Year of Birth: 1987

AssistantTreasurer

IndefiniteTerm; SinceJuly 1, 2015


N/A

* Mr. Neuberger is an “interested person” of the Trust as defined by the 1940 Act by virtue of the fact that he is a boardmember and an interested person of Quasar Distributors, LLC, which serves as principal underwriter for several series of theTrust, but not the Funds.

78

A NOTE ON FORWARD LOOKING STATEMENTS

Except for historical information contained in this report for the Funds, the matters discussed in this report mayconstitute forward-looking statements made pursuant to the safe-harbor provisions of the Securities LitigationReform Act of 1995. These include any Adviser, sub-adviser or portfolio manager predictions, assessments,analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involverisks and uncertainties. In addition to the general risks described for the Funds in the current Prospectus, otherfactors bearing on this report include the accuracy of the Adviser’s, sub-adviser’s or portfolio manager’s forecastsand predictions, and the appropriateness of the investment programs designed by the Adviser, sub-adviser orportfolio manager to implement their strategies efficiently and effectively. Any one or more of these factors, as wellas other risks affecting the securities markets and investment instruments generally, could cause the actual resultsof the Funds to differ materially as compared to benchmarks associated with the Funds.

ADDITIONAL INFORMATION

The Funds have adopted proxy voting policies and procedures that delegate to the Adviser the authority to voteproxies. A description of the Funds’ proxy voting policies and procedures is available without charge, uponrequest, by calling the Funds toll free at (866) PMC-7338. A description of these policies and procedures is alsoincluded in the Funds’ Statement of Additional Information, which is available on the SEC’s website athttp://www.sec.gov.

The Funds’ proxy voting record for the most recent 12-month period ended June 30 is available without charge,either upon request by calling the Funds toll free at (866) PMC-7338 or by accessing the SEC’s website athttp://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC four times each fiscal year at quarter-ends. The Funds file the schedule of portfolio holdings with the SEC on Form N-CSR (second and fourth quarters)and on Form N-Q (first and third quarters). Shareholders may view the Funds’ Forms N-CSR and N-Q on theSEC’s website at http://www.sec.gov. Forms N-CSR and N-Q may also be reviewed and copied at the SEC’sPublic Reference Room in Washington, D.C. Information on the operation of the public reference room may beobtained by calling 1-800-SEC-0330 (general SEC number).

HOUSEHOLDING

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses and annual andsemi-annual reports you receive by sending only one copy of each to those addresses shared by two or moreaccounts and to shareholders we reasonably believe are from the same family or household. Once implemented, ifyou would like to discontinue householding for your accounts, please call toll-free at (866) PMC-7338 to requestindividual copies of these documents. Once the Funds receive notice to stop householding, we will begin sendingindividual copies 30 days after receiving your request. This policy does not apply to account statements.

PMC FUNDS

Investment Adviser Envestnet Asset Management, Inc.35 East Wacker Drive, 24th FloorChicago, Illinois 60601

Legal Counsel Godfrey & Kahn, S.C.833 East Michigan Street, Suite 1800Milwaukee, Wisconsin 53202

Independent Registered Public Accounting Firm Deloitte & Touche LLP555 East Wells StreetMilwaukee, Wisconsin 53202

Transfer Agent, Fund Accountant and FundAdministrator

U.S. Bancorp Fund Services, LLC615 East Michigan StreetMilwaukee, Wisconsin 53202

Custodian U.S. Bank, N.A.Custody Operations1555 North RiverCenter DriveSuite 302Milwaukee, Wisconsin 53212

Distributor Foreside Fund Services, LLC3 Canal Plaza, Suite 100Portland, Maine 04101

This report is intended for shareholders of the Funds and may not be used as sales literature unlesspreceded or accompanied by a current prospectus.

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